It’s thought the majority of fixed rate deals will finish before the end of 2026
Mortgage holders, including those on the Island, are expected to face what the Bank of England describes as ‘very large’ payment increases when current fixed deals expire.
People who arranged deals before interest rates started to increase in late 2021 are seeing their agreement periods expire.
It’s a worrying time for homeowners on the Island and throughout the UK, for whom fixed rate deals have expired already or are due to in the near future.
Looking at the UK as a whole the Bank of England believes around three million householders are set to see their mortgages rise steeply in the next two years.
An estimated 400,000 will face ‘very large’ payment increases of over 50 percent.
Just how many people on the Island are affected isn’t known.
There is some better news though, with mortgage rates edging down from recent highs, a trend it’s hoped will continue.
