But a further five million homeowners are still due to face higher borrowing costs by the end of 2026, thebetween the second quarter of 2023 and the end of 2026 is projected to face a £240 increase in their monthly repayments - or nearly £2,900 a year.Urgent warning to homeowners as huge mortgage hike set to hit in next 3 monthsPlus, the proportion of mortgage balances in arrears increased to the highest level in six years in the third quarter of this year.
The Sun asked Karen Noye, a mortgage expert at Quilter, to find out what people can do now to lessen the shock further down the line.If your fixed term mortgage deal is coming to an end, it is important to consider your options as early as possible. Karen said: "As a starting point, you should compare what your existing lender has offered against a remortgage to a new lender. "You can start considering your options up to six months in advance, and doing so will help you better understand what you are likely to face and will give you more time to prepar