Mortgage rates in the United Kingdom (UK) have risen dramatically since the beginning of 2022, causing concerns about households with loans up for renewal facing notable increases in costs. That is the case for 1.4 million fixed rate mortgages up for renewal in 2023. This type of mortgage is a popular choice among homebuyers because it allows them to lock in the interest rate for a specific period. After the period runs out, homebuyers need to renegotiate the loan or switch to a variable interest rate. The vast majority of loans up for renewal until 2024 have an initial effective mortgage rate of less than 2.5 percent - significantly lower than the current mortgage rates.
Number of fixed rate mortgage loans coming up for renewal in the United Kingdom (UK) from 1st quarter 2022 to 3rd quarter 2024, by initial effective interest rate
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Office for National Statistics (UK). (January 9, 2023). Number of fixed rate mortgage loans coming up for renewal in the United Kingdom (UK) from 1st quarter 2022 to 3rd quarter 2024, by initial effective interest rate [Graph]. In Statista. Retrieved November 07, 2024, from https://www.statista.com/statistics/1399875/fixed-mortgages-for-renewal-by-interest-rate-uk/
Office for National Statistics (UK). "Number of fixed rate mortgage loans coming up for renewal in the United Kingdom (UK) from 1st quarter 2022 to 3rd quarter 2024, by initial effective interest rate." Chart. January 9, 2023. Statista. Accessed November 07, 2024. https://www.statista.com/statistics/1399875/fixed-mortgages-for-renewal-by-interest-rate-uk/
Office for National Statistics (UK). (2023). Number of fixed rate mortgage loans coming up for renewal in the United Kingdom (UK) from 1st quarter 2022 to 3rd quarter 2024, by initial effective interest rate. Statista. Statista Inc.. Accessed: November 07, 2024. https://www.statista.com/statistics/1399875/fixed-mortgages-for-renewal-by-interest-rate-uk/
Office for National Statistics (UK). "Number of Fixed Rate Mortgage Loans Coming up for Renewal in The United Kingdom (Uk) from 1st Quarter 2022 to 3rd Quarter 2024, by Initial Effective Interest Rate." Statista, Statista Inc., 9 Jan 2023, https://www.statista.com/statistics/1399875/fixed-mortgages-for-renewal-by-interest-rate-uk/
Office for National Statistics (UK), Number of fixed rate mortgage loans coming up for renewal in the United Kingdom (UK) from 1st quarter 2022 to 3rd quarter 2024, by initial effective interest rate Statista, https://www.statista.com/statistics/1399875/fixed-mortgages-for-renewal-by-interest-rate-uk/ (last visited November 07, 2024)
Number of fixed rate mortgage loans coming up for renewal in the United Kingdom (UK) from 1st quarter 2022 to 3rd quarter 2024, by initial effective interest rate [Graph], Office for National Statistics (UK), January 9, 2023. [Online]. Available: https://www.statista.com/statistics/1399875/fixed-mortgages-for-renewal-by-interest-rate-uk/
