A warning has been issued to homeowners across the UK as millions of mortgage deals are nearing their end. With approximately 1.6 million fixed-rate agreements on the brink of ending, experts say anyone with this type of mortgage will be forced to 'make some difficult decisions' soon.
A warning has been issued to homeowners across the UK as millions of mortgage deals are nearing their end. With approximately 1.6 million fixed-rate agreements on the brink of ending, experts say anyone with this type of mortgage will be forced to 'make some difficult decisions' soon.
READ MORE: How much house prices have soared in every Greater Manchester borough over the last 20 years "They provide peace of mind with consistent payments, enabling precise future budgeting amidst the cost-of-living changes. But if the rates plunge, you are stuck paying the fixed rate and early repayment charges can incur hefty exit fees."
"However, they typically come with higher interest rates compared to variable and tracker mortgages, making them less attractive in the short term and once locked into a rate, you may miss out on potential savings if interest rates were to decrease.
UK Homeowners Mortgage Deals Fixed-Rate Agreements Variable Rate Deals Tracker Mortgages Bank Of England Interest Rates
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