Failing to remortgage costs homeowners £2500 – Which? News
£29bn worth of mortgages come to the end of their fixed terms this month, and homeowners who fail to switch deals could end up paying more than £2,500 a year in additional repayments.
A new report by L&C mortgages has revealed that falling mortgage rates mean ‘the cost of doing nothing’ at the end of an introductory period has risen by nearly £400 in the last year.
Here, Which? explains why it’s important to switch deals, and offers advice on getting the best rate when remortgaging.
Cost of failing to remortgage tops £2,500
Most homeowners take out a fixed-rate mortgage when buying a home. With this type of deal, your interest rate and monthly repayments are locked in for a set period – most commonly two or five years.
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