A bill shock is on the way for many more households yet to suffer the impact of the market mayhem that followed the Truss government's mini-budget of last September.
More than 1.4 million fixed rate mortgage customers are facing the prospect of significant hikes to their monthly payments when their deals end this year, according to official figures.
The Office for National Statistics said 57% of those coming up for renewal in 2023 were fixed at interest rates below 2%. It added that deals set to mature next year will be from two-year fixed rate loans made in 2022 and five-year fixed rate deals made in 2019, when"Its report on housing costs, using Bank of England data on transactions, showed that 353,000 fixed rate mortgages were due for renewal during the first three months of 2023.
It comes at a time when the cost of a fixed term home loan continues to recover from the peaks seen - way above 6% - last autumn when the market suffered a shock at the hands of the-then government. Households on tracker and standard variable deals have endured rising bills for over a year - reflecting the surge in the cost of borrowing imposed by the Bank through interest rate rises to curbThe energy-led spike in the cost of living has added to a variety of bills - squeezing consumer spending power and leaving the country on the brink of recession, according to economists.
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