Britain’s Remortgaging Pain Is Only Getting Started
- Some 56,000 two-year fixed-rate loans set to end in September
- Britons can secure new mortgage deals six months before expiry
The average two-year fixed-rate mortgage was 5.32% on Apr. 11.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Thousands of UK households have a decision to make ahead of a bumper remortgaging deadline — lock in a pricier fixed-rate deal or bet on a Bank of England rate cut.
As many as 56,220 two-year fixed-rate mortgages are due to expire in September, according to data from industry body UK Finance. That’s on the back of a flurry of sales in September 2021 when homebuyers were racing to complete deals before a stamp duty holiday ended.