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Alper Kara, Professor and Head of Department - Accounting, Finance and Economics, University of Huddersfield

Five ways to reduce your mortgage repayments in 2023 – and why rates have risen so high

United Kingdom
Many people are trying to tighten their belts right now. PeopleImages.com - Yuri A/Shutterstock

Around 4 million UK households will face higher mortgage costs in 2023 with average monthly payments expected to increase from £750 to £1,000.

Banks’ lending rates are directly influenced by the Bank of England’s base rate, which rose nine times in the year to December 2022 to 3.5% and is expected to reach around 4.5% in 2023. Mortgage rates are even higher than this base rate because banks add a premium to account for the risk of borrowers not repaying their home loans. Average mortgage rates are now around 6% versus 1.9% in early 2022.

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