Almost £100bn worth of mortgages will mature before the end of the year, with nearly a third (£29.1bn) coming in December – the largest monthly volume of the year – according to analysis by Accord Mortgages.
With the second largest maturity month worth more than £26.3bn taking place in October, the intermediary-only lender is urging brokers to plan ahead despite a busy summer, to help borrowers navigate a currently challenging environment.
Jeremy Duncombe, managing director of Accord Mortgages, said: “With such a large proportion of the year’s mortgage deals maturing in the coming months it’s set to be a busy autumn and winter for intermediaries as borrowers, many of whom may now have changing and challenging circumstances to navigate, seek advice.
“Brokers who are able to plan ahead and reach out to existing clients have a huge window of opportunity to demonstrate the value of advice and help borrowers secure mortgages that best meet their needs.”
Many maturing homeowners are expected to face higher monthly repayments as the cost of borrowing has increased since the record-low deals witnessed in recent years.
Aaron Strutt, product director at Trinity Financial, said: With the cost of living crisis, and given that there are such a huge amount of mortgages coming up for renewal over the next few months, it’s even more important to ensure borrowers get the best possible deals.
“Many homeowners are worried about their mortgage repayments, and with the scale of rate rises, it’s vital brokers help them secure a new product as early as possible.”
