Mortgage warning as low interest rate deals could end up costing much more | Personal Finance | Finance
“Products with a lower rate but more considerable arrangement fees aren’t always cost-effective if you have a smaller mortgage debt and it’s important to look at the overall cost of any mortgage in question.”
Research from Comparethemarket found 55 percent of homeowners are coming to the end of their fixed term within three years, and could be hit by much higher interest rates.
Brean Horne, personal finance expert at NerdWallet, said borrowers can try and mitigate the impact of rising mortgage rates by checking how much a base rate increase could affect their mortgage payments.
She said: “If the Bank of England decides to increase the base rate next week, mortgage rates are likely to follow suit.
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