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Mortgage costs set to soar, says Impartial

Figures released by adviser service Impartial reveal mortgage costs are to soar by more than £500m in the next six months.

In its Mortgage Waste report Impartial found 1.2 million homeowners on fixed rate deals, typically set at 5.5 per cent with £98,900 outstanding on their mortgage, will be nearing the end of their deal within six months. It says the cheapest fixed rate deal on the market now is 6.15 per cent meaning annual costs for those coming off fixed rates could increase by £522m.

Impartial marketing director Karen Barrett says: “With so many of the best deals gone since the start of the credit crunch a year ago those that need to remortgage are worried about the prospect. If homeowners are happy with the tie-ins associated with fixed rate mortgages they should consider seeking advice to secure the best deal.”

The same report found one in five mortgage holders on SVR, typically set at 6.1 per cent with £58,200 outstanding, could save £705m a year by moving to lower rates.

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