Borrowers with variable rate mortgages are expected to see their mortgage repayments increase significantly following recent interest rate rises, it has been claimed.
However, according to L & C, even those with fixed-rate mortgages are likely to see their repayments increase as their deals come to an end.
James Cotton, mortgage specialist at L & C, comments: "The payment shock for many borrowers will be substantial when their deals come to an end and it's important that they do all they can to minimise it."
Those looking to find a mortgage deal are advised to look what their lender is willing to offer and then consider shopping around for better mortgage rates, he added.
In related news, Nationwide recently announced that it had increased the rates on a number of its fixed-rate and tracker mortgages.
Matthew Carter, divisional director for mortgages at the firm, said that the products continued to be "competitive" compared with those offered by other mortgage lenders.
"However, money market rates have been rising steadily and we have found it necessary to increase our rates," he remarked.
Mortgage holders facing "significant jumps" in payments
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Mortgage holders facing "significant jumps" in payments
Tue, 15 May 2007
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