Number of fixed rate mortgage loans coming up for renewal in the United Kingdom (UK) from 1st quarter 2022 to 3rd quarter 2024, by initial effective interest rate
Characteristic
Less than 2 percent initial fixed rate
Between 2 and 2.5 percent initial fixed rate
More than 2.5 percent initial fixed rate
Q3 2024
17,768
154,052
111,469
Q2 2024
138,709
142,937
3,860
Q1 2024
138,929
174,047
3,228
Q4 2023
176,405
159,561
4,536
Q3 2023
201,516
154,039
4,739
Q2 2023
222,676
144,638
4,118
Q1 2023
217,892
130,210
4,952
Q4 2022
202,731
136,396
0
Q3 2022
182,760
114,622
0
Q2 2022
126,188
124,393
0
Q1 2022
189,179
109,473
0
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Mortgage rates in the United Kingdom (UK) have risen dramatically since the beginning of 2022, causing concerns about households with loans up for renewal facing notable increases in costs. That is the case for 1.4 million fixed rate mortgages up for renewal in 2023. This type of mortgage is a popular choice among homebuyers because it allows them to lock in the interest rate for a specific period. After the period runs out, homebuyers need to renegotiate the loan or switch to a variable interest rate. The vast majority of loans up for renewal until 2024 have an initial effective mortgage rate of less than 2.5 percent -Â significantly lower than the current mortgage rates.
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Office for National Statistics (UK). (January 9, 2023). Number of fixed rate mortgage loans coming up for renewal in the United Kingdom (UK) from 1st quarter 2022 to 3rd quarter 2024, by initial effective interest rate [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 26, 2026, from /statistics/1399875/fixed-mortgages-for-renewal-by-interest-rate-uk/
Office for National Statistics (UK). "Number of fixed rate mortgage loans coming up for renewal in the United Kingdom (UK) from 1st quarter 2022 to 3rd quarter 2024, by initial effective interest rate." Chart. January 9, 2023. ÌÇÐÄÆƽâ°æ. Accessed July 26, 2026. /statistics/1399875/fixed-mortgages-for-renewal-by-interest-rate-uk/
Office for National Statistics (UK). (2023). Number of fixed rate mortgage loans coming up for renewal in the United Kingdom (UK) from 1st quarter 2022 to 3rd quarter 2024, by initial effective interest rate. ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 26, 2026. /statistics/1399875/fixed-mortgages-for-renewal-by-interest-rate-uk/
Office for National Statistics (UK). "Number of Fixed Rate Mortgage Loans Coming up for Renewal in The United Kingdom (Uk) from 1st Quarter 2022 to 3rd Quarter 2024, by Initial Effective Interest Rate." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 9 Jan 2023, /statistics/1399875/fixed-mortgages-for-renewal-by-interest-rate-uk/
Office for National Statistics (UK), Number of fixed rate mortgage loans coming up for renewal in the United Kingdom (UK) from 1st quarter 2022 to 3rd quarter 2024, by initial effective interest rate ÌÇÐÄÆƽâ°æ, /statistics/1399875/fixed-mortgages-for-renewal-by-interest-rate-uk/ (last visited July 26, 2026)
Number of fixed rate mortgage loans coming up for renewal in the United Kingdom (UK) from 1st quarter 2022 to 3rd quarter 2024, by initial effective interest rate [Graph], Office for National Statistics (UK), January 9, 2023. [Online]. Available: /statistics/1399875/fixed-mortgages-for-renewal-by-interest-rate-uk/
