As the Bank of England raises interest rates again to 4% - the highest level for more than a decade - we offer some tips for making your monthly mortgage payments a little more manageable.
For many of us in the UK, the monthly mortgage payment is our biggest outgoing – a cost that is going up. According to the Office for National Statistics, 1.4 million mortgages on cheap fixed rates are due to expire this year, and those who need to remortgage will find themselves paying considerably more each month because interest rates have risen in the interim.
If your mortgage deal is coming to an end, it makes sense to tackle the issue head on, so that you can get ready for what is coming and get the best rate possible for you.
Get a date in the diary
Do you know when your mortgage deal ends? If you have a nagging feeling it might be in the next year or so, it is worth finding out the exact date. Even if it isn’t immediate, make a note in the diary now – and tackle the mortgage half a year before your current deal actually ends.