Average monthly mortgage repayments rise

Homeowners coming to the end of a five-year fixed term, on an average rate of 1.99%, would have been paying £725 a month. The average rate for a five-year fixed-term mortgage was 5.83% at the end of June 2023. On a remaining mortgage balance of £143,465, those remortgaging onto another five-year fixed rate would see their average monthly repayment increase to £1,014 – a hike of £289 a month.

Homebuyers currently looking to secure a deal on the average house price (£286,489) will face a monthly mortgage repayment of £1,362 – based on a 25-year term at 75% loan-to-value at an average rate of 5.83%.

Your home may be repossessed if you do not keep up repayments on your mortgage

If you would like to discuss the options available to you, contact one of our advisors today.

¹Octane Capital