More than one million homeowners are transitioning from two-year fixed-rate mortgages this year, with an average interest rate of 4.81%, according to Compare the Market.
More than one million homeowners are reaching the end of their two-year fixed-rate mortgage terms this year. These mortgages had an average interest rate of 4.81%, as reported by Compare the Market.
Homeowners are being advised to avoid defaulting to a Standard Variable Rate (SVR) to prevent a potential increase in their monthly payments.
What this means for you: If you are among the homeowners coming off a two-year fixed-rate mortgage this year, you may face a change in your interest rate.
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