£111bn worth of residential mortgages maturing this year
Latest figures show £111bn worth of residential mortgages and £15.8bn of buy-to-let mortgages are set to mature before the end of the year. This is according to the CACI Mortgage Market Database (May 2023).
A vast number of mortgages will need renewing over the next few months with many homeowners coming off super cheap rates. While many borrowers will stick with their existing lenders, many will remortgage to a new lender to get a more suitable deal.
The lenders have taken their time to start reversing the rate increases we have seen over the last year, but rates have come down recently.
If you are in the process of remortgaging, it is essential to ensure you take action by checking the rates your lender offers and researching the market. You must work to avoid the lender's expensive, standard variable rates if you can. Many of these revert-to rates are getting close to eight, nine or even ten per cent.
Aaron Strutt, product director at Trinity Financial, says: "Most lenders allow homeowners to choose a new product around six months before their fixed deals expire. So you can generally select a new rate and swap it for cheaper mortgages as and when the lenders lower their prices.
"It is worth checking how flexible your lender is with its product transfers. Our brokers will monitor the market for you and can switch to cheaper deals when they come up.
"Other homeowners are taking tracker rates with switch-to-fix options, expecting mortgages to get cheaper over the next year or two."
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change.
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