Many homeowners will see their mortgages mature before the end of spring. April will be the second-biggest month of 2020 for mortgage deals ending, with £21bn due to mature. “The large loan value reflects the fact that the mortgage market was particularly competitive when the deals were taken out,” says Adam Williams in The Daily Telegraph.
When your deal matures you’ll be moved onto your lender’s standard variable rate (SVR), which is typically far more expensive. If you secured a particularly competitive deal, this could mean a big jump in your monthly repayments when your deal ends. You can avoid this by shopping around and locking in a low rate in advance, as mortgage offers usually last for several months.
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Keep remortgage fees in mind
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