Remortgaging Shock Awaits Millions
It has been reported that many more people will face higher mortgage costs this year, than previously reported.According to John Charcol, almost 3 million mortgage holders will be coming off fixed rate mortgages this year, and consequently, we be facing significanlty higher mortgage repayments.
According to John Charcol, monthly payments will be increasing by anything up to £300 per month for many people.
The number of people affected is significantly more than the 1.5 million reported earlier this year by the FSA. Unlike the FSA's report, the Charcol figures also include those people coming off 3 and 5 year deals and also coming off Tracker mortgages.
This report comes on top of the latest developments in the credit crunch
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