Leek-based mortgage expert Aga Gronkiewicz is warning homeowners to prepare for rate hikes as around 1.6 million fixed deals come to an end in 2024.
While lenders have cut mortgage rates in recent weeks, they are still likely to be higher than fixed rates taken by borrowers over the last five years.
“The headlines may be all about rates being slashed and confidence returning to the UK market,” said Aga, of GRN Financial Services.
“That’s going to be a help for first time buyers, but there’s pain ahead for a sizeable group of homeowners who have been insulated from the recent economic turmoil through their fixed rate mortgages.”
Aga said that home buyers saw average fixed rates of 2.44% in winter 2020, while, by early January 2024, the average was 5.76% (source, Moneyfacts).
She added: “There’s going to be a General Election at some point in 2024, and it would be hoped that the Conservative Government, and the Labour leadership, consider whether action is needed to support first time buyers in particular.
“But, in the meantime, the message has to be, if you are coming off fixed rates, please plan ahead and consider contacting a mortgage broker.”
Aga has run GRN Financial Services alongside husband Tom from an office in Bath Street, Leek, for almost six years and has worked in financial services for more than a decade.
She recently upgraded to a higher-level qualification – Advanced Mortgage Adviser, enabling her to assist clients with even more complex needs and circumstances.
Aga, who is a member of the Staffordshire Moorlands Advisory Board of the Staffordshire Chambers of Commerce added: “Leek and the surrounding area has an excellent stock of high-quality housing.
“The mortgage and home buying markets are buoyant and also benefits from a post-lockdown trend of people moving from large conurbations to towns and villages, partially driven by more flexible and remote working.”
