Nearly £100bn worth of mortgages will mature by year’s end, with close to one-third (£29.1bn) maturing in December, all as borrowers grapple with a national cost of living crisis and rising interest rates.
December will see the largest monthly volume of 2022, according to an analysis by Accord Mortgages, the intermediary lending subsidiary of Yorkshire Building Society. October will see the second-largest, worth more than £26.3bn, it said.
With lenders bracing for a surge in remortgages and product transfers in the coming months, Accord said it was urging brokers to plan in advance to help customers find solutions and products that work for their clients.
Jeremy Duncombe (pictured), managing director of Accord Mortgages, said: “With such a large proportion of the year’s mortgage deals maturing in the coming months, it’s set to be a busy autumn and winter for intermediaries as borrowers – many [with] changing and challenging circumstances to navigate – seek advice.
“Brokers who are able to plan ahead and reach out to existing clients have a huge window of opportunity to demonstrate the value of advice and help borrowers secure mortgages that best meet their needs.”
Projections on residential and buy-to-let maturities from the financial data provider CACI MMDB put their total value from September through December at £97.8bn.
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With the Bank of England having raised its base rate repeatedly over recent months, many homeowners with maturing mortgages will be facing increased repayment costs.
Aaron Strutt, product director at Trinity Financial, said: “Many homeowners are worried about their mortgage repayments, and with the scale of rate rises, it’s vital brokers help them secure a new product as early as possible.”