Interest rates are rising, pushing up mortgage repayments for many homeowners.
People with fixed contracts are protected for now, but when looking for new contracts the bill will be higher.
Millions of homeowners have contracts expiring within the next 12 months.
When you retire, you find that the interest rate on yourmortgage is higher than it was previously fixed.
According to Moneyfacts, the interest rate on his two-year fixed mortgage in general was 2.52% in August 2021, but today he has risen to 3.95%. .
The average five-year fixed contract has risen from his 2.75% a year ago to 4.08% now.
The Bank of England raised interest rates to 1.75% last week, as it seeks to combat surging inflation, with experts predicting further interest rate hikes. I'm here.
Many face a dilemma: wait for the term to end, or move out early and fix it before interest rates rise further, but pay a hefty fee There is a possibility.
However, a new calculator can help you determine which is the most cost-effective option.
For a fixed trade, over a period of time, he typically spends between 2 and 5 Fixed annual interest rate.
You can rest assured that you will continue to pay the same amount each month, but if you want to terminate the loan before it matures, you will usually have to pay a termination fee.
This can be several thousand pounds depending on the size of the mortgage and the terms of the lender.
For some it may be worth paying the fee and finalizing the new fee before the fix is finished.
But for others, it may be worth waiting until the end of the semester.
Nous' free tools can save you money.
Mortgage balance remaining, fixed contract term remaining, monthly payments and surrender charges taken into consideration.
Take, for example, his 25-year mortgage of £250,000 which was pegged at 2.52% last August.
Next she compares the cost of re-encumbrance at the rate of 3.95% in August when she finishes the two-year term.
If you refinance your mortgage today, you will lose £529 in five years.
Nous's boss, her Greg Marsh, said: Homeowners face a terrifying crisis on top of all the other rising costs of living. ''
