Almost £100bn worth of mortgage rates due to finish before the end of the year
Almost £100bn worth of fixed and variable rate mortgages are due to mature before the end of the year according to analysis by Accord Mortgages.
Mortgage lenders anticipate a surge in remortgages and product transfers in the coming months, particularly with borrowers' facing financial challenges against a backdrop of rising mortgage rates.
Nearly a third (£29.1bn) of rates come to an end in December – the largest monthly volume of the year – with the second largest maturity month worth more than £26.3bn taking place in October.
Many homeowners are expected to face higher monthly repayments and they will revert on to expensive standard variable rates if they do not take action and switch deals. It is important to understand exactly when you can select a new deal or secure a mortgage rate with another lender.
Aaron Strutt, product director at Trinity Financial, said: "There is a huge amount of mortgages coming up for renewal over the next few months and it’s even more important than usual to ensure borrowers get the best possible deals.
"Many homeowners are worried about their mortgage repayments, and with the scale of rate hikes over the last few months, it is not surprising. Our brokers are available to give advice and help secure the best possible products.”
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