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In For A RATE Shock
Seventy per cent of homeowners are suffering from payment shock as their fixed rate deals expire, Fool.co.uk has claimed. Considering that nine out of every ten borrowers are currently on special-rate mortgage deals, getting independent advice when remortgaging has never been more important.
Borrowers coming off a fixed rate currently face an average hike in interest rates of 1.5 per cent when taking out a new product, more so for the 18 per cent of borrowers who originally fixed at a rate between 4.0 and 4.5 per cent.
According to the Fool.co.uk research, 41 per cent of remortgagors have been offered standard variable rate mortgages of between 6 and 7 per cent, while one in four have been told that their repayments will be calculated at between 7 and 7.5 per cent.
