Three in 10 UK homeowners (30%) approaching the end of their fixed mortgage deals are taking extra work to boost their savings ahead of repayment rises, according to new research by Indeed Flex.

Household budgets are becoming increasingly stretched amid the UK’s high inflation rate and rising living costs, including the rates on mortgage payments.

Figures from UK Finance have forecast that 800,000 fixed rate mortgage deals set to expire in the latter half of 2023, along with 1.6 million in 2024.

Inded Flex, an online marketplace for flexible and temporary work, carried out a survey among 2,000 UK respondents. It found that rather than waiting to see how much their savings will be hit, 30% of homeowners due to remortgage in the next 12 months are already making extra money by doing extra shifts or taking on side hustles – including temporary work – to shore up their finances.

Of those taking on extra work, three in 10 people are aged between 25 and 34, a demographic typically newer to the housing market, meaning repayment rates are likely to be higher compared with older owner-occupiers.

However, roughly a tenth (11%) of those aged between 55 to 64 are also pursuing additional employment to cover increased repayment costs.

“Facing financial realities head-on can be challenging, but ignoring them is likely to prove costly in the long run,” said Indeed Flex CEO and co-founder, Novo Constare.

“While those with mortgages expiring this year cannot escape repayment increases, a substantial number are actively seizing control of their finances and trying to get ahead of the increase in their outgoings.”

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