This is up from 51% in Quarter 1 (Jan to Mar) 2016. Our calculations, based on Bank of England (BoE) transactions data, suggest that the number of fixed rate mortgage deals coming to an end in 2023 will peak in Quarter 2 (Apr to June) 2023 at 371,000.īoE data also show that most mortgages are agreed at a fixed interest rate, where the interest rates stay the same for the duration of the mortgage deal, with 86% of outstanding UK mortgages being repaid at fixed interest rates in Quarter 3 (July to Sept) 2022. In the first quarter of this year (Jan to Mar 2023), 353,000 fixed rate mortgages will have to be renewed. Interest rate bands are based on the effective interest rate for each group of fixed rate mortgages.The Bank of England’s Monetary Policy Report - November 2022 found that just over 2 million mortgages will come up for renewal between Quarter 4 (Oct to Dec) 2022 and Quarter 4 2023. The Bank of England transactions data do not include remortgages with the same lender and second-charge lending as such these estimates are likely undercounts.
