The Times - Why homeowners must renegotiate a £35 billion mortgage debt
Thousands of homeowners are facing a rate hike within days unless the take action as billions of pounds worth of mortgages expire.
In September £17 billion worth of fixed rate or discounted mortgages come to an end, while in October a further £18 billion of such loans will expire. This is according to calculations from CACI, a data company.
Aaron Strutt of mortgage broker Trinity Financial, told The Times, homeowners may face obstacles when they try to complete product transfers if they are trying to borrow more money, or extend the mortgage term.
He explained that borrowers with adverse credit may have no option other than revert to their lender’s standard variable rate.
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