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Evening Standard
Evening Standard
World
Rachael Burford

1.4m homeowners face huge hike in mortgage costs this year

Office for National Statistics
New mortgage borrowers could end up paying tens of thousands of pounds more over the course of their home loan than they would have done if they had taken out their deal just a year ago, according to analysis by Moneyfacts.co.uk (Joe Giddens/PA) (Picture: PA Archive)

More than 1.4 million homeowners face a steep rise in borrowing costs when they renew their fixed-rate mortgages this year, data released on Monday revealed.

According to the Office of National Statistics (ONS) 57 per cent of mortgages in the UK coming up for renewal in 2023 were fixed at interest rates below two per cent.

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