Mortgage costs ‘shock’ for some borrowers as nearly 1m five-year deals end soon

Sajni Shah, a mortgage expert at Compare the Market, said many households “will be shocked” to see their repayments jump, adding that when homeowners are checking out their remortgage options “even small differences in rates can add up to thousands over the life of a term, so shopping around, comparing lenders and locking in a competitive rate could make a huge difference in keeping rises to a minimum”.