1.4m borrowers will face higher interest rates in 2023 as they come to renew their mortgage.
Figures released this morning from the Office of National Statistics also showed that 800,000 households are expected to see their mortgage rates more than double this year as they come off low fixed-rate deals.
The majority of fixed rate mortgages in the UK (57%) coming up for renewal in 2023 were fixed at interest rates below 2%.
Those deals that are due to mature through the course of 2024 will be from two-year fixed rate deals made in 2022 and five-year fixed rate deals made in 2019, when mortgage rates were generally higher than 2%.
While interest rates have been increasing since the start of 2022, most fixed rate borrowers have been insulated from those increases, as the majority were fixed at interest rates below 2% and are still within their fixed-rate period.
