Get out clauses costing homeowners over £6,000

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by Kay Murchie

According to Moneyexpert.com, the price comparison service, the cost of a get-out clause is £6,370, a figure which does decline during the first 3 years of ownership.

Increasing interest rates have left many defenceless if they want to break away from their current deal.

A spokesperson for Moneyexpert.com advised that people must read the small print when signing up for a fixed deal. Redemption charges vary significantly and will also depend on the term you agree to.

Research from the Council of Mortgage Lenders has established that income multiples for first-time buyers are at a record high.