THOUSANDS of households face £4,655 a year bill hikes when they refinance their mortgages next year. More than 1.8million fixed-rate mortgage deals are scheduled to end in 2023, according to the tr…
But MoneyFacts’ figures show that, in the days after the most recent base rate increase, on December 15, the average two-year fixed-rate mortgage edged down slightly, from 5.83% to 5.82%.
"Borrowers might prefer to lock into a longer-term fixed-rate mortgage during 2023 due to the prevalent interest rate uncertainties over recent months, but this will depend on their circumstances. The trade association is encouraging borrowers to contact their lender early to discuss the options available for their circumstances.How to choose the best mortgage deal?The amount you can borrow and interest rate are important factors but you should also consider the type of mortgage.
A comparison website will usually let you search for all types of home loans such as for first-time buyers or the best buy-to-let mortgage deals.
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