WHAT TO DO IF YOU NEED TO REMORTGAGE – WHICH?

Homeowners face higher mortgage costs as rates move above 5%.

Rising mortgage rates and disappearing deals could provide a shock to homeowners who come to remortgage in the remainder of 2022.

Mortgage rates are significantly higher than they were two years ago, meaning borrowers coming to the end of their fixed term may face higher costs when they switch.

In addition, banks recently withdrew hundreds of deals in response to the rising base rate and wider economic uncertainty.

Here, we explain what’s happening in the mortgage market and provide a step-by-step guide to getting a good deal when remortgaging.

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