This winter, more than 350,000 UK households are expected to face a sharp rise in their mortgage repayments, as many fixed-rate deals from the era of ultra-low interest rates come to an end.
Most of these expiring deals are five-year fixes taken out between October 2020 and February 2023, when interest rates were below 2%.
What’s Next for Borrowers? Considered remortgaging?
As these mortgages expire, many homeowners will be moved onto new, higher fixed rates, leading to significant increases in monthly payments.
For instance, a homeowner with a £200,000 mortgage could see repayments rise by around £333 per month if refinanced at a 5% fixed rate — that’s nearly £4,000 more per year. Those with larger balances will feel an even greater impact.
Time to Review Your Mortgage Strategy
With rates now much higher than they were just a few years ago, reviewing your mortgage options early has never been more important. A timely check could help you secure a better deal and avoid paying more than necessary.
If your fixed-rate period is ending soon, don’t wait until the last minute. Start exploring your options now — the earlier you act, the more flexibility you’ll have.
We’re here to help you navigate today’s complex mortgage market and find the solution that best fits your financial goals.
🚨 Data accurate as of the date of publication
🚨 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, mortgage, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.
Source: Quilter Financial Services – Essentially Mortgages Q4 2025
