Millions To Face Mortgage Payment Rises.
The financial future for homeowners is soon to become more expensive, with mortgage rates
due to increase.
Certain high street banks have raised their rates for those on Standard Variable Rate (SVR)
mortgages, a move which affects over a million households in the UK.
The main reasons for the increase have been cited as;
the difficulties of the current economic climate and
increased cost of funding a mortgage
The unfortunate result, is that some homeowners are now going to be paying c.£200 a year
extra on their mortgage.
The greatest proportion are the 850,000 homeowners whose mortgage payments to the
Halifax have been increased.
The Halifax SVR has risen from 3.5% to 3.99% and since the average balance outstanding is
£67,500, this translates into £16.40 extra to pay per month, or £196.80 per year.
But they are not alone, with the Co-operative Bank, Clydesdale Bank and Yorkshire Bank
amongst others, also raising their rates.
In the event of such rises, many customers feel there is nothing they can do, but this is often
not the case at all.
Our initial piece of advice for concerned homeowners, is to make sure you are fully aware of
all the details of your mortgage product, including the current terms and planned changes.
In other words...
Make sure you read the small print!
Because becoming aware of the finer detail of your agreement can save you a lot of heartache
(and money) in the future.
If your deal is soon coming to an end, now is the time to act in order to try and secure the
current low rates – and to help you get started, you can get a free mortgage quote from us
Now, for those who have good equity in their homes, you'll be best placed to access the most
advantageous deals, but even if you haven't, we still strongly advise everyone to shop around
and try to secure the best rate.
So, should you have any questions or concerns about your mortgage or rental property, the
Kubie Gold Associates team are on hand to help and advise you.
You can reach us on 020 7563 7272 , where you'll receive prompt, accurate and professional