15-day warning to anyone getting a new mortgage deal as millions 'at risk'

manchestereveningnews.co.uk:

A warning has been issued to millions of homeowners who are due to get a new mortgage. Anyone whose fixed or variable-rate mortgage is nearing the end of their term, or those wanting to remortgage, are being told that they should act fact.

This is because the best new mortgage deals are typically on offer for just 15 days before they are pulled by banks, according to the BBC.

Financial information service Moneyfacts says this is now the shortest shelf life in six months, leaving home buyers with less time to make big decisions.

Around 1.6 million people will need to make an important choice this year when their current mortgage rate expires. Locking in a fixed-rate deal puts you on the same rate for two to five years - sometimes longer - whilst choosing a variable rate means the amount you pay can go up or down in line with interest rates. READ MORE: Couple find mysterious 100-year-old letters hidden while renovating Doing nothing when your fixed rate term ends would leave you on a variable rate deal, which puts you at risk of paying much more for your mortgage due to the current interest rate being high, reports the BBC.