Do you, in common with millions of other home owners, have a short-term mortgage? If so, its very easy to set up the monthly repayment and then get involved with so many other aspects of your life that time slips away and before you know it, the two or three year period of your loan is coming to an end. Whilst many lenders write to their customers towards the end of the loan period, it isnt compulsory.
When you sign on the dotted line for your mortgage deal, you are issued with a key facts mortgage document which will include all the loan details together with the all important date that your fixed price deal will come to an end. If you forget this date and also fail to receive a reminder, the first thing youll become aware of it a notice of a change in monthly re-payments, which means that youll be going on to the lenders usually expensive SVR, or standard variable rate.
As an example, on a loan of 150,000, you could easily be paying out a substantially higher amount – more than 200 a month extra. This is assuming that the SVR is 2.25% more than the special rate, which would not be unusual.
Obviously most borrowers would opt to change to an...
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