Urgent warning as half a million fixed mortgages to end during Christmas period

manchestereveningnews.co.uk:

Roughly half a million mortages are expected end throughout or just after the Christmas period. Consumer champion Which? has warned that Financial Conduct Authority (FCA) figures indicate that more than 500,000 fixed-rate mortgages will come to an end in November, December, or January.

Currently, average two-year-fixed mortgages are over six per cent. Despite this, Which? said some of those who had prevoiusly fixed their deal win December 2021 could have gotten a rate below two per cent.

In fact, some homeowners moving onto new mortgages could be at risk of paying hundreds of pounds more each month compared with their previous deal. Read more: Cheapest house for sale in Greater Manchester with heaps of potential for first-time buyer looking to renovate Eric Leenders, managing director of personal finance at UK Finance, said: “Christmas can really stretch household finances.

All lenders have teams of experts ready to help anyone who is worried about their mortgage and, as usual, there will be a moratorium on possessions to ensure that people stay in their homes over the festive period. “Reach out to your lender if you are struggling with your finances – there’s a range of support available that your lender will tailor for your specific circumstances.