In 2023 it is expected that up to 1.4m households in the UK will come off of their fixed rate mortgage and be faced with potentially large increases in the mortgage rates that they will be expected to pay.
Currently we have conflicting news regarding fixed rate mortgage products actually coming down but the Bank of England Base Rate having increased in the last 12 months and most expecting it to rise slightly further as well and that can cause confusion for people to know what is really happening and how they are affected.
For some people the new mortgage rates are unaffordable and therefore people might be looking to sell their house in Chelmsford and downsize however there are other options and considerations for people to think about.
1) Can you stay with your existing mortgage lender and transfer to a different product which is lower than their SVR? (Standard Variable Rate)
2) Can you switch lenders completely and find a better rate than your existing mortgage company? (although this may still be more than what you have been paying in the last few years)
3) Can you pay down some debt and qualify for a lower LTV (Loan to Value) mortgage and reduce any increases that you may face?
We are able to put you in touch with mortgage experts who can make you aware of your options and the most important things to consider.
Please do not wait for your mortgage products to change. Dig out your paperwork and find out the end dates for your mortgage and plan ahead. Speak to us at the earliest opportunity and we can point you in the right direction and help you find the best solution for your Chelmsford property. 01245 830003.