Mortgage rates have risen substantially over the past two years, adding hundreds to monthly bills
According to UK Finance, the number of mortgaged properties being repossessed in the UK has seen a significant 36% increase in the first quarter of 2024, with 870 properties being repossessed between January and March 2024. Further, there were 96,580 homeowner mortgages in arrears of 2.5% or more of the outstanding balance, representing a 3% increase from the previous quarter, according to mortgage advisors Mojo Mortgages.
Mojo Mortgages said that increased mortgage rates, driven by base rate increases from the Bank of England , have also played a major role. After analysing its internal data, the company said it had found that the average mortgage rate when remortgaging in April 2022 was 1.78%. Mortgage experts share three tips for those struggling with their mortgage payments Mojo Mortgages has shared its tips for navigating these tough times as a mortgage borrower.If your mortgage payments have risen significantly recently, it’s important to act fast. The first thing to do is check whether you’ve been moved to your lender’s standard variable rate.
If your current deal is ending within the next six months and you’re worried about high rates, look into remortgaging options now
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