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Fixed rate mortgages set to expire

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Over 300,000 homeowners in the UK may be facing a surprise when their fixed rate mortgage deals run out. Those homeowners who took out fixed-rate mortgages at the end of 2003 and the start of 2004 may be heading for a serious shock when their mortgage deals expire. The news comes courtesy of new mortgage company

Those people whose fixed-rate deals expire have been warned that they could be facing monthly increases of over 100 pounds. Base interest rate increases have affected repayments; with the average now up to 5.26 per cent. The Bank of England increased interest rates by 0.5 per cent during 2006.

Mform focus on the hidden costs within mortgages, and the costs of home loans. The company has taken measures to urge borrowers to thoroughly research the market place when looking for a new mortgage loan .

The marketing and business development director of mform, Francis Ghiloni: Borrowers who took fixed-rate deals in 2003 have done spectacularly well. But the market has changed radically since then and rates have moved substantially. People who picked up good deals three years ago proved they were �rate smarts� and need to maintain that record by choosing wisely again.

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