This is a short period where you are given a break from your regular payment, though interest will continue to accrue and the missed payments get tagged on the end of the mortgage.
I’ve spoken to some excellent mortgage brokers this week, who have pointed out that people who are unsure about their options can get in touch and find out more about how they could potentially save – or even buy their first home.
The mortgage provider will need to understand more about your financial situation, so take some time to write down what the next few years might hold in terms of your job and any significant life changes that might be on the horizon.
According to UK Finance, around 800,000 people a year on average are due to come to an end of their existing fixed rate deal, which means there may be a nasty surprise awaiting those who haven’t looked at their options.
There has been a glimmer of good news for homeowners this week, as some lenders cut interest rates on mortgage deals for the first time in ages.
