Remortgaging: don't drift onto the expensive rate
5 chapters·16 min·action plan·mastery check
Chapter 1 of 5
The idea
When a fixed deal ends, many lenders move you to a rate 2–3 points higher. Automatically.
The deal cliff
Most mortgage deals last 2–5 years, then roll onto a standard variable rate that's usually much higher. You can often lock in a new deal up to 6 months before the old one ends, with your lender or a new one.
Predict first
$180,000 left over 22 years. Falling from a 7.5% standard rate to a 4.5% deal saves roughly how much a month?
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