The Times - How mortgage rate horrow awaits 740,000 Covid borrowers in 2025
The trade body UK Finance says 1.8 million mortgages will be up for renewal in 2025. Of those, 744,673 will be low-rate five-year fixed deals dating from 2020, according to the estate agency Hamptons.
Those households are in for a big shock. Some might even consider selling — but, with stamp duty due to rise on April 1, they might find that the cost of buying another home exceeds any benefit.
Aaron Strutt, product director at Trinity Financial, told The Times: “The good news is, some of the lenders are still offering competitively priced two and five-year fixes with rates just over 4 per cent,” Strutt says. “The bad news is that we are expecting rates to go up as the fallout from the Rachel Reeves budget continues.”
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