Nationwide recommends remortgaging

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Nationwide recommends remortgaging

Nationwide has recommended that people coming to the end of their fixed-rate term on their mortgages ought to consider remortgaging to avoid a big increase in payments.

Between October and December, many two-year fixed-rate mortgages are set to switch to their standard variable rate, which Nationwide states is currently 7.75 per cent on average.

If borrowers do not switch, they could end up paying an extra £200 a month, the bank claims.

Nationwide allows borrowers to move to another of its offerings in the final three months of the fixed-rate term - without penalty.

"Those who prefer to avoid the unexpected may be thinking about fixing for a longer period," suggested Matthew Carter, director of mortgages at Nationwide.

"Since the Bank of England base rate has been rising we have seen a great deal of interest in our longer term deals, including our 25-year fixed-rate deal."

Last month, Nationwide announced a raft of rate reductions across its range of fixed-rate mortgage offerings.

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