Mortgage madness

A large number of fixed rate mortgages that were taken out in 2005, with a two year term, will soon be up for renewal.  Once the lender transfers a fixed rate mortgage to their standard viable rate, some homeowners could be looking at a substantial rise in their monthly outgoings.

Louise Cumming, from moneysupermarket.com says:  "People should bear in mind for just a little work comparing mortgages, the rewards can be huge. Anyone coming to the end of a fixed term product should be looking for their next deal now and not leaving it until they have languished on an SVR for a while. Lenders will sting you for laziness.”