It is thought that there are over one million borrowers who took out fixed rate mortgage deal two years ago which are set to end this year.
They should now be looking to remortgage in order to avoid going onto their lenders standard variable rate.
Although mortgage rates have risen significantly over the last two years there are still many excellent fixed rate deals as the mortgage market is extremely competitive.
These borrowers should not panic, but should try to get a deal before their current fixed mortgage rate expires, because the jump from their fixed rate deal to the standard variable rate will increase their mortgage payments significantly.
It is always best to plan ahead and ensure you have a new deal in place. You should also check to ensure that there are no extended tie-ins or financial penalties if you move your mortgage.
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