500,000 mortgage rates finishing over festive period

by Aaron Strutt

Sep 20 2023

Around half a million mortgage holders are facing a payment shock over Christmas as their fixed deals end.

Figures from the Financial Conduct Authority show that almost 500,000 fixed-rate mortgages will come to an end between November and January.

January 2024 will be the busiest month for remortgagers, with 191,913 fixed-term deals expiring. 

Aaron Strutt, product director at Trinity Financial, says: "We have already arranged mortgages for many of our clients whose mortgages need to be switched. The lenders let us secure new remortgagw deals up to six months in advance.

"Mortgage lenders have been improving their rates over the last month, and over the last few days NatWest, Virgin Money, and Accord Mortgages have all made their mortgages more attractive."

How many homeowners need to remortgage next year? 

Recent figures from the banking trade body UK Finance show that around 1.6 million mortgage deals will end in 2024.  

What should you do if you need to remortgage?  

If your mortgage is coming up for renewal over the next six months, it is time to start searching the market to ensure you get the most cost-effective rate.

• Make sure you understand precisely when your rate is finishing.
• Find out what your existing lender is offering you to stay.
• Consider overpaying on your mortgage to qualify for a cheaper rate.
• Contact a broker like Trinity Financial to assess the market and determine if you can get a better deal.
• Think about how long you want to stay in your property and whether your personal situation is likely to change over the near term.
• Consider fixed and tracker mortgage rates.
• Understand your lender's terms and conditions. When you choose a new rate, ensure you can swap it for a lower product if and when they are available.
• Try to avoid your bank or building society's standard variable rate. This is the rate many borrowers automatically switch to and is generally very expensive.

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation. 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage