Borrowers throughout the UK are coming to the end of their fixed-rate mortgage loans, and experts are warning that arrangement fees could cause just as much of a shock as higher interest rates .
The second quarter of 2005, almost two years ago, saw many borrowers taking out fixed-rate mortgages at low rates of interest . Experts advise borrowers seeking a remortgage to look for a further fixed-rate deal to soften the blow. Arrangement fees of up to £1,000 are worth considering.
As many as one million people could be facing a financial shock over the course of 2007. The Mortgage Advice Bureau indicate that in April and June 2005, just under 180,000 people could face their mortgage deal ending.
The MD of Mortgage Force, Rob Clifford, was quoted in the news as saying: "The payment shock for some people will be significant. Not many people can afford a monthly cost rise of 25%."
Fixed-rate mortgages causing concern
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Fixed-rate mortgages causing concern
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