Preparation is essential as approximately 800,000 fixed-rate deals are set to expire in the second half of this year
KNOW YOUR OPTIONS: Whether a mortgage deal is ending soon, or you’re concerned about keeping up with existing payments, options are available
As mortgage rates continue to climb, households in the UK are facing increased financial strain. With the Bank of England recently implementing its 13th consecutive base rate hike, pushing it from 4.5 to 5 per cent, borrowers are bracing themselves for increased costs. The impact of these rising rates has yet to be fully felt by many homeowners, but preparation is essential as approximately 800,000 fixed-rate deals are set to expire in the second half of this year, according to UK Finance. Additionally, a staggering 1.6 million more deals across the UK are slated to end in 2024., says: “It is possible to act well ahead of a current deal ending and lender offers will typically be valid for up to six months.
For homeowners who have built up savings during the pandemic, making overpayments can be a smart strategy to reduce overall mortgage debt. By dropping into a lower loan-to-value bracket through such overpayments, borrowers may be able to secure more favourable mortgage rates.
Belgique Dernières Nouvelles, Belgique Actualités
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