Many homeowners might be starting to worry if their fixed-term mortgage deal is coming to an end soon, as it is likely to mean their monthly costs are set to soar. 

Though the average two-year mortgage has dropped to 4.99 per cent, which is the first time it has been lower than five per cent in nearly three years, it could still mean a mortgage that is a lot higher than many are used to paying. 

According to UK Finance, 900,000 fixed-rate deals will expire before the end of the year, which means nearly one million homeowners need to start looking for a better deal to avoid finding themselves unable to pay their monthly fees. 

The first thing they should do is visit a mortgage advisor in Widnes, who will be able to look for the best offers on the market, whether with their current provider or a different one entirely. 

This is most likely going to be better than the standard variable rate (SVR) mortgage their mortgage supplier will automatically put them on, so it is essential to do research. The SVR follows the Bank of England base rate, which can fluctuate, meaning the cost of the mortgage could even rise again. 

If their current lender has a good deal, it is often easier to stay with them as they know the customer’s credit history and they may be able to avoid paying fees. With a new provider, applicants might require credit checks, need to pay steep mortgage fees, or face refusal if their financial circumstances have changed. 

Another option is using savings to pay off some of your mortgage, which will increase the amount of equity homeowners have in their property. This means they will be able to borrow less money, which would reduce monthly payments or secure them a better deal.