£25.6bn of residential mortgages expiring in December
December is likely to a busy month in the mortgage industry with a significant amount of fixed and tracker rates expiring.
Barclays figures show there are £25.6bn of mortgage deals potentially reverting onto expensive standard variable rates in December. This is more than double the £11.1bn of rates finishing throughout November.
Data shows there are £1.8bn of buy-to-let mortgages expiring in December, up from £1.3bn in November.
Aaron Strutt, product director at Trinity Financial, says: “The lenders are still offering super-cheap two and five-year fixes rates and many the costs of the valuation and legal fees when you switch lenders.
“Barclays figures show there is over £100bn worth of mortgages where borrowers are paying a rate of 3.75% or more and remortgaging could save clients about £120 per month.”
If your mortgage is coming to an end over the next few weeks or months, you should contact your lender to find out what rate they will offer you to stay, and then research the market to see if you can get a better deal.
Call Trinity Financial on 020 7016 0790 to remortgage
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