- 25th September 2007
- Buying Property News
Landlords and homeowners alike should keep a wary eye on their finances if they don’t want unnecessary mortgage increases.
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.”
Lenders will sting you for laziness.
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