The Office for National Statistics has published data showing that more than 1.4 million households in the UK are facing the prospect of interest rate rises when they renew their fixed rate mortgages in 2023. The majority of fixed rate mortgages in the UK (57 per cent) coming up for renewal in 2023 were fixed at interest rates below 2 per cent. Those deals that are due to mature through the course of 2024 will be from two-year fixed rate deals made in 2022 and five-year fixed rate deals made in 2019, when mortgage rates were generally higher than 2 per cent.

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