Homeowners Waiting to Remortgage are Throwing Away Money and Missing Savings
There are many homeowners coming to the end of their mortgage term this year. There are a sizable number of those ending that are two-year fixed rate deals obtained in 2022 when the Bank of England’s standard base interest rate was coming off of an historically low base rate of 0.1%. By March 2022, the Monetary Policy Committee (MPC) had increased the base rate for three of what would become fourteen consecutive meetings of rate hikes. Two years ago, this month the base rate was only 0.75% and lenders were offering cheap mortgage and remortgage deals.