Around 30 per cent of UK homeowners are taking on additional employment to increase their savings before their mortgage costs rise, data from a job-hunting firm showed.
Flex’s survey of 2,000 people found that roughly a third of those who were preparing to remortgage in the next 12 months had either started a side hustle or did more hours.
Some 30 per cent of people taking on extra work were aged between 25 to 34, while 11 per cent were aged between 55 and 64.
The survey found that 54 per cent of mortgage holders were also trying to boost their finances by cutting back on non-essential spending such as takeaways and holidays. More than a third (34 per cent) said they were spending less and saving more.
UK Finance figures show that around 800,000 fixed rate deals are set to end in the second half of this year and the Bank of England has predicted that mortgage payments could rise by £220 each month on average.
Novo Constare, CEO and co-founder of Indeed Flex, said: “Facing financial realities head-on can be challenging, but ignoring them is likely to prove costly in the long run.
“While those with mortgages expiring this year cannot escape repayment increases, a substantial number are actively seizing control of their finances and trying to get ahead of the increase in their outgoings.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
