🔔 **Heads Up, Homeowners! Mortgage Costs Set to Surge** 🔔
If you’re one of the million mortgage holders whose 5-year fixed deals are up for renewal in 2026, brace yourself for some changes! Many locked into ultra-low rates back in 2021 could face a real shock when renewing at the new rates. The average cost of remortgaging could see an eye-watering increase of up to £2,124 annually for some households based on calculations.
It seems like only yesterday when sub-2% rates were the norm! But as the market has evolved, five-year fixed rates have risen, although the recent 3.89% average is still more promising than at their peak. 💪
Worried about the jump? Here’s a hot tip: Don’t let your mortgage automatically switch to a standard variable rate (SVR) when your deal ends. Keep your payments in check by shopping around, comparing lenders, and locking in a competitive rate early. A few smart moves could save you thousands over your mortgage term.
Sajni Shah, our go-to mortgage expert, advises starting your search months in advance. “Even small rate differences add up, so shop wisely!” And David Hollingworth from L&C Mortgages reassures, “Though payment hikes are likely, current rates are much more favourable than before.”
Remember, the earlier you start planning, the easier the transition to a new deal will be. If you’re feeling overwhelmed, your lender can offer support—just reach out to them ASAP for the best options. 🏡✨
Stay informed, stay smart, and let’s navigate this change together! 📈💼
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