Thousands of homeowners are racing to secure new mortgage deals before their fixed terms come to an end. When 170,000 fixed-rates end this month, borrowers will be moved to their lenders' more expensive variable rates unless they lock in a cheaper deal. According to the Consumer Data and Information (Caci) marketing company, December will be the busiest month this year for maturities, with deals on £25bn worth of home loans coming to an end. Meanwhile, homeowners have become reliant on "product transfer" offers since lockdown, say experts. Data published by UK Finance shows that the number of internal transfers has surged since the start of the year, and these loans now account for 77% of all refinancing activity.
The Times (11/12/2020) The Daily Telegraph (11/12/2020)