31-05-2007
Property owners should prepare for higher rates
Recently released data suggests that homeowners with expiring fixed-rate mortgages should act to protect themselves against any future interest rate rises.
According to data released by MoneyExpert.com, mortgage lenders can leave offers open for a period of up to six months, potentially leading to savings of up to £207 each month, compared with those who do not secure a better deal.
"There is a massive difference between the average fixed rates around now and lenders' standard variable rates," said Sean Gardner, chief executive of MoneyExpert.com.
"Anyone moving off a fixed-rate they took out in 2004 or 2005 is likely to see some increase in their monthly repayments as rates have moved up," he added.
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