Almost £100bn worth of mortgages are to mature before the end of the year, analysis by Accord Mortgages has shown.

Almost a third of this total value, around £29.1bn worth of mortgages, will mature in December, the largest monthly volume of the year.

Accord stated that many maturing homeowners will be expected to face higher monthly repayments, as the cost of borrowing has increased since the record-low deals that have been witnessed in recent years.

The lender’s analysis is based on projected residential and buy-to-let maturities from CACI, an independent company that provides financial services benchmarking data, which revealed that the combined value of mortgages between September and December is £97.8bn.

With the second largest maturity month worth more than £26.3bn taking place in October, the Accord has urged brokers to plan ahead, despite a busy summer, to help borrowers navigate a “currently challenging environment”.

“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,” commented Accord managing director, Jeremy Duncombe.

“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.”

Product director at Trinity Financial, Aaron Strutt, added: “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.”

Share Story: