Warning issued to anyone with a mortgage as millions of deals are 'on the brink'
manchestereveningnews.co.ukA warning has been issued to homeowners across the UK as millions of mortgage deals are nearing their end. With approximately 1.6 million fixed-rate agreements on the brink of ending, experts say anyone with this type of mortgage will be forced to 'make some difficult decisions' soon.
Fixed-rate products have been the top choice for homeowners in recent years as they offer a set, guaranteed monthly mortgage payment.
But with the Bank of England suggesting interest rates may be close to their peak, the prospect of rates starting to fall makes variable rate deals much more appealing.
Also known as tracker mortgages, these types of agreements are based on the Bank of England's base rate, and can fluctuate depending on whether interest rates rise or fall.
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