‘Shock’ in store for 350,000 UK households on low-interest fixed-rate mortgages

Those on typical £200,000 mortgages taken out between October 2020 and February 2023 may see costs jump by £3,996 a year this winter

More than 350,000 households who locked in to low-interest fixed-rate mortgages five years ago are expected to see their costs jump this winter as they reach the end of their deals.

Analysis by the bill management app Nous found almost half of mortgages taken out between October 2020 – as the housing market revived after an initial Covid shock – and February 2023 were five-year fixed-rate deals.