Homeowners face higher mortgage costs, but rates are starting to fall

High mortgage rates could prove a shock to hundreds of thousands of homeowners looking to remortgage in 2023.

In the first three months of this year, 353,000 fixed-rate mortgages are due to be renewed, with another 371,000 coming up for renewal by the end of June, according to calculations from the Office for National Statistics (ONS).

The majority of these fixed rates were fixed at interest below 2% – but current mortgages are priced 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.

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

Read more: https://bit.ly/3InFqGl

To understand more about the mortgage services we offer visit our Mortgage page

If you are thinking of arranging a mortgage and would like advice Contact us

If you found this article useful and would like more market updates visit our articles page

To see all our recent customer feedback click here