Monthly cost change of UK mortgages 2024-2026

About 1.4 million households with mortgages up for renewal in the United Kingdom (UK) will face increasing monthly costs by the end of 2024 because of the aggressive mortgage interest hikes since the beginning of 2022. For about one million of these households, the increase will be between one British pound and 300 British pounds, while for 388,000 households, the increase will be higher. By December 2026, the number of households with rising mortgage payments is projected at 3.9 million. Meanwhile, about two million mortgage borrowers are expected to benefit from reduced mortgage payments by the end of 2026.

Number of mortgage loans projected to experience a change in monthly costs in the United Kingdom (UK) by 4th quarter 2024 and 4th quarter 2026, by cost increase (in thousands)

Characteristic	Q4 2024	Q4 2026
<-300 British pounds	8	111
-200 to -300 British pounds	10	138
-100 to -200 British pounds	42	391
-1 to -100 British pounds	1,532	1,354
No change	5,309	2,418
1 to 100 British pounds	387	1,300
100 to 200 British pounds	385	968
200 to 300 British pounds	250	626
300 to 400 British pounds	150	381
400 to 500 British pounds	86	222
500 to 750 British pounds	89	232
750 to 1000 British pounds	28	73
>1000 British pounds	35	99

Loading statistic...

Download

Source

Show detailed source information?

Already a member?

Sources

Use Ask Statista Research Service

Release date

June 2024

More information

Region

United Kingdom

Survey time period

as of June 2024

Special properties

owner-occupier mortgages; increase relative to Q2 2023

Supplementary notes

The source adds that increases in payments on variable-rate mortgages are calculated by using the implied uplift in the OIS curve. The payments increase for fixed-rate mortgages is calculated by assuming a typical fixed rate at the time of remortgaging.

The figures exclude mortgages with less than 1,000 British pounds in balances outstanding.

Citation formats