KEEP CALM AND TALK TO A MORTGAGE ADVISOR

According to a survey from RFI Global UK Mortgage Council one in four homeowners say they are worried they won’t be able to afford their mortgage payments over the coming year.

Analysis by Accord Mortgage shows that almost £100bn worth of mortgages will mature before the end of the year, with nearly a third of those coming in December.

Other data* shows the average outstanding mortgage balance is is £137,934, meaning around 750,000 homeowners will need to remortgage or face a significant hike in monthly mortgage payments when they move to their lender’s standard variable rate.

The Bank of England has already raised the base rate six times in the past 12 months and has indicated plans for another two hikes this year.

It means borrowers on variable rates will very likely see their mortgage payments rise in line with the base rate, adding yet more pressure onto household incomes.

If you have concerns about the affordability of your mortgage arrangements and would like advice Contact us

You may have an early repayment charge with your current lender and should check before re-mortgaging. We would always advise you to think carefully before securing other debts against your home.

Your home may be repossessed if you do not keep up repayments on your mortgage.

*Data from Moneynerd

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