UK Money News
2nd April 2008
Remortgagers facing rate increase of 1.5%
Homeowners with fixed rate mortgage deals stand to be hit with an average 1.5 per cent repayment rate increase when they come to the end of their fixed term, it has been claimed.
According to Fool.co.uk, three quarters of those looking to remortgage in such circumstances will be affected by increased rates.
The 1.5 per cent mean rise would bring the monthly repayments on a typical 25-year £200,000 mortgage from £1,326 to £1,326.
David Kuo, head of personal finance at Fool.co.uk, said: "Many homeowners will feel the full force of the credit crunch when their special-rate mortgage deals come to an end. For a lucky few, another good deal will be just around the corner.
"However, a significant number of homeowners will find that the myriad of choices that were once available has shrunk to no choice, as lenders limit their best deals to their preferred clients."
He added: "Paying more than the amount your lender has stipulated while your special rate deal is still in place will chip away at the loan. And by getting your finances in order, lenders will be beating a path to your door rather than beating down your door."
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