UK Finance mortgage data
Bank Rate rise
Please see below the impact on the average variable rate mortgage if the Bank Rate is increased.
Increase in average monthly mortgage payments:
| Tracker | SVR | |
| 0.25 point increase | £26.22 | £14.53 |
| 0.5 point increase | £52.44 | £29.06 |
The increases in average monthly mortgage payments are calculated using an average outstanding balance of £125,854 for tracker mortgages and £69,740 for SVR mortgages.
Fixed-rate deals ending
For homeowners, there are around 800,000 fixed-rate deals ending in the second half of 2023. Around 1.6 million deals are due to end in 2024.
Split of fixed vs variable
There are a total of 8,800,000 residential mortgages outstanding, the bulk of which are fixed-rate. These borrowers won’t see any immediate change in their monthly payment if the Bank Rate rises.
| Residential mortgages outstanding | |||
| Number | % of total | ||
| Fixed | 6,896,000 | 82% | |
| Tracker | 643,000 | 8% | |
| SVR | 679,000 | 8% | |
Buy-to-let
There are a total of 2,030,000 buy-to-let mortgages outstanding with the majority also being on fixed rates.
| BTL mortgages outstanding | |||
| Number | % of total | ||
| Fixed | 1,362,531 | 67% | |
| Tracker | 278,331 | 14% | |
| SVR | 353,537 | 17% | |
Arrears and possessions
Numbers of arrears and possessions remain at low levels. UK Finance expects that the number of households in arrears in 2023 to remain below one per cent of outstanding mortgages.
Mortgage and savings rates
Please see here the UK Finance breakdown of the specific factors affecting how banks set mortgage rates and here an explanation of how savings are priced.
Support for mortgage customers
All lenders have teams of experts ready to help anyone struggling with their mortgage payments. There are a range of options available for help, which will be tailored to each person’s circumstances. More information can be seen via our Reach Out campaign.
Tailored support provided by mortgage lenders to customers struggling with their mortgage payments could include:
Extending a mortgage term to reduce payments
A temporary switch to interest-only payments
A temporary reduction in payment (including zero payment if appropriate)
A part interest-part repayment plan
The Mortgage Charter
In addition, 47 mortgage lenders have signed up to the government’s new Mortgage Charter, committing them to additional support for borrowers.
This includes giving customers approaching the end of a fixed-rate mortgage the chance to lock in a deal and request a better like-for-like deal if rates change up to six months ahead, and a guarantee of no possession within 12 months of your first missed payment.
