WHAT TO DO IF YOU NEED TO REMORTGAGE – WHICH?

Homeowners face heftier mortgage costs as rates remain high.

High mortgage rates are proving 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 came up for renewal, with a further 371,000 coming to an end before July, according to calculations from the Office for National Statistics (ONS).

The majority of these fixed rates were set 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.

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