MORTGAGES; YOUR OPTIONS IF YOU WANT TO SWITCH DEALS OR ARE A FIRST TIME BUYER – THE GUARDIAN
The lowdown for different categories of borrower as interest rates continue to rise.
Rates on new mortgages are continuing to climb, leaving millions of people in the UK – from those looking to switch to a new deal to would-be first-time buyers – wondering about their options.
After last week’s 0.5 percentage point interest rate increase, many mortgage borrowers worried about rising costs are unsurprisingly seeking the shelter of a fixed rate – but the deals on sale now are significantly pricier than those on offer only a few months ago.
Those whose fixed-rate deal is due to end in the next 6-12 months
Several hundred thousand people fall into this category – maybe more than 1 million.
If your deal is not ending for 12 months, your options are more limited, but if it is ending in perhaps six or seven months there are things you can do now.
Everyone’s circumstances are different but here we look at some of the options and things to think about for different categories of borrower.
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