How increases in housing costs impact households

More than 1.4 million households in the UK are facing the prospect of interest rate rises when they renew their fixed rate mortgages in 2023.

While interest rates have been increasing since the start of 2022, most fixed rate borrowers have been insulated from those increases, because most were fixed at interest rates below 2% and are still within their fixed-rate period.

Those deals that are due to mature through the course of 2024 will be from two-year fixed rate deals made in 2022 and five-year fixed rate deals made in 2019, when mortgage rates were generally higher than 2%.

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