📈 Dee Mellor's three-year fixed rate mortgage is due to come to an end in March next year Rising interest rates means she is now looking at paying £720 per month for a new fixed rate deal, up from £460
A single mother-of-two may be forced to move onto an interest only mortgage to avoid losing her home after her mortgage costs looked set to increase by an unaffordable £260 a month.
She is now considering signing up to an interest only deal, which means she would only be paying the bank’s interest on her loan and would still owe the same amount until she remortgaged again. The other option she has considered is a tracker mortgage, a type of variable rate mortgage that allows lenders to change the interest they charge without much notice.
Ms Mellor is one of millions of people who are being hit with massive increases to their monthly mortgage payments as they come to the end of their fixed rate mortgage deals.found that people with a fixed-rate loan that is due to expire at the end of 2023 will face an increase in their average monthly payments of around £250 – £3,000 a year.
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