Recent estimates suggest that as many as one million borrowers will have lapsed onto their lender’s expensive default mortgage rate by the end of 2020.
It pays to make sure you are on the most competitive deal for your circumstances.
When a tracker, fixed rate, or discount mortgage deal ends, you may be automatically switched onto your lender’s Standard Variable Rate (SVR) and could be paying way over the odds. SVRs do not normally offer the most competitive rates and are usually linked to a percentage above the bank’s base rate, so the rate can rise and fall.
Mortgage rates are at record low levels, so it makes sense to act sooner rather than later to see if you can get a more cost-efficient mortgage deal.
Your home may be repossessed if you do not keep up repayments on your mortgage
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(Your home may be repossessed if you do not keep up repayments on your mortgage)
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