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United Kingdom Mortgage Holders Consumer Research Report 2022: Just Over Half Considering Options for When Fixed Rate Deals End in 2023

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Dublin, Nov. 24, 2022 (GLOBE NEWSWIRE) -- The "UK Mortgage Holders Consumer Research Report 2022" report has been added to ResearchAndMarkets.com's offering.

The UK Mortgage Holders Consumer Research Report 2022 offers insights into consumer behaviour, perceptions, brand awareness, and intentions.

The report considers the current situation for mortgage holders in the UK and explores the short and medium term future for mortgage holders given recent increases in interest rates and mortgage repayments. It is based on a national consumer survey of 613 mortgage holders undertaken in November 2022.

As well as the report the price includes a data spreadsheet with detailed survey results in total and by age, sex, region, income.

This report comes at a time when many mortgage holders are having to deal with increased monthly payments as a result of the mini-budget in October 2022 and subsequent increases in interest rates.

  • A majority of survey respondents accept that increased payments will put some strain on household finances and, for over a quarter, there are real concerns that they will not be able to make their monthly repayments moving forward. Over one in five in the survey are worried that they may have to sell their home as they struggle with repayments.

  • A large majority are on fixed rate mortgage deals and over a quarter of these will end in 2023 but this increases to more than 4 out of 10 young adults having fixed rate deals ending in 2023. So the stress associated with the ending of these deals will impact especially on younger adults.

  • Most of those on fixed rate deals ending in 2023 have started to look at their options but a worry is that almost 40% have not looked at what they will do when the deal ends.

  • A majority on variable rate mortgages have a standard rate deal while just under a third have a tracker mortgage.

  • Across the total sample, over 40% are expecting to turn to their savings to help with mortgage repayments while a third are likely to have to ask parents or relatives for help with repayments. In younger age groups, the percentage likely to ask parents or relatives for support increases to between 44% (18 to 24 year olds) and 59% (25 to 34 year olds).

  • The top 5 lender brands account for over 60% of mortgages held by survey respondents.

Topics covered:

  • Situation of mortgage holders (to include first-time buyers)

  • Date mortgage taken out

  • Mortgage types

  • Types of variable mortgages

  • Situation and issues for those on fixed rate mortgages ending in 2023

  • Amounts left to pay

  • Value of current home

  • Monthly payments

  • Any changes to monthly payment after mini-budget in Oct 2022

  • Value of amount outstanding on mortgage loan

  • Moving home in next year and reasons for moving

  • Postponing a home move and reasons

  • Use of mortgage lender brands and market share

Key Topics Covered:

EXECUTIVE SUMMARY

  • Summary

  • Repayment mortgages and fixed rates dominate

  • Just over half considering options for when fixed rate deals end in 2023

  • Median mortgage loan outstanding is £122,000

  • A third already facing increases in monthly mortgage payments

  • Most can cope with higher monthly payments but concerns for over a quarter

  • Fewer than 10% considering moving home in 2023

  • Top 5 mortgage brands account for over 60% of mortgages

INTRODUCTION

  • Overview

  • Methodology

MORTGAGE HOLDERS - BACKGROUND

  • Under half of all mortgage holders are first-time buyers

  • Almost equal split between those buying in last 5 years and those buying before

MORTGAGE TYPES

  • Large majority on repayment mortgages and fixed rate deals

  • Almost 4 out 10 not yet considered next steps when fixed rate deal ends in 2023

  • Majority on standard variable rate but almost a third have a tracker mortgage

MORTGAGE REPAYMENTS

  • Median mortgage loan outstanding is £122,000

  • Median monthly repayment is £545 and a third are facing monthly increases

  • Over a quarter foresee major problems paying any increased monthly payments

PLANS TO MOVE HOME

  • Only 6% likely to move to a new home in the next year

MORTGAGE PROVIDER BRANDS

  • Top 5 lender brands account for over 60% of mortgages held

Companies Mentioned

  • Halifax

  • Nationwide

  • Santander

  • Nat West

  • HSBC

  • Lloyds Bank

  • Bank of Scotland

  • Co-operative Bank

  • Coventry BS

  • TSB

  • Bank of Ireland

  • Leeds BS

  • Clydesdale Bank

  • Virgin Money

  • Yorkshire BS

  • Aviva Equity Release Loans

  • Kensington Mortgages Co

  • Foundation Home Loans

  • Skipton BS

  • West Bromwich BS

For more information about this report visit https://www.researchandmarkets.com/r/wta4fm

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900