REMORTGAGE NOW

January 22, 2019 by in category Mortgage News with 0 and 0

If they don’t act as deals come to an end, borrowers who fixed mortgages two years ago could see rates more than double.

That means that borrowers with a £200,000 mortgage over 25 years on a repayment-only basis could see repayments increasing by £279 a month – or £3,352.08 a year on average. This is because the average two-year fixed mortgage rate in January 2017 was 2.31% and the average SVR which borrowers are switched to if they don’t remortgage is 4.9%

Borrowers who took out a fixed mortgage two years ago which are about to end could see the interest they pay more than double if they fail to remortgage.

Borrowers will automatically be reverted to their provider’s standard variable ratet.

A total of 50,500 homeowners remortgaged in October – the highest number for a decade and 23 per cent higher than in the same month a year earlier, according to the last available data by UK Finance.

London Mortgage Advice Ltd is authorized and regulated by the Financial Conduct Authority for residential mortgages and non investment insurance business.

Although London Mortgage Advice Ltd is regulated by FCA, commercial mortgages and most buy-to-let and offshore mortgages are not regulated by the FCA.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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