Covid-hit homeowners fear getting stuck on costly mortgage deal

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Brokers say borrowers with reduced incomes should not assume they must move to standard variable rate

A third of borrowers who have seen their income fall as a result of the pandemic fear they may not be able to remortgage, research has found – but brokers say they shouldn’t just assume they have to move onto their lender’s costly standard variable rate (SVR).

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It has been estimated that 700,000 short-term fixed-rate mortgages are due to come to an end this year, and borrowers will be moved on to their lender’s higher SVR unless they apply for a new deal.

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