More than 1.4 million households could be affected this year
Anyone in the UK with a fixed-rate mortgage that is due to be renewed soon could be at risk of their mortgage rates rising in line with interest rates. According to the Office for National Statistics , more than 1.4 million households are facing the prospect of interest rate rises when renewing their fixed-rate mortgages this year.
The potential increases borrowers will face will depend on individual circumstances and people may want to speak to their lender or a broker for more clarity about their position. The average interest rate on outstanding mortgages with a fixed rate was 2.08 percent in November 2022, the report said. Around a quarter of renters, 26 percent, surveyed between December 7 and 18 2022, reported that their rent payments had gone up in the past six months, according to data from the Opinions and Lifestyle Survey .
Amid rising living costs, both mortgage holders and renters have found their payments increasingly difficult to service, according to people asked in the latest OPN survey. Some borrowers may find when they come to renew that they have paid down enough of their debt to be in a lower loan-to-value bracket than they were previously, which could have a positive impact on the deals available to them.
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