Nearly £100billion in mortgages will mature before the end of the year

Brokers are being urged to plan ahead as nearly £100billion in mortgages are due to mature before the end of the year.

Analysis from Accord Mortgages shows that almost a third (£29.1bn) of total home loans ending this year will occur in December, while the second-largest maturity month is October , when £26.3bn of mortgages come due.

The intermediary lender-only urges brokers to plan ahead for another busy period of remortgages and product transfers, to help borrowers navigate a currently difficult environment.

Accord’s chief executive, Jeremy Duncombe, said: “With such a large proportion of the year’s mortgage transactions coming due in the coming months, the fall and winter are expected to be busy for intermediaries as that borrowers, many of whom may now have changing and difficult circumstances to manage, seek advice.

“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 the mortgages that best suit their needs.

Many maturing homeowners are expected to face higher monthly repayments as the cost of borrowing has increased since record transactions in recent years.

Aaron Strutt, Chief Product Officer of Trinity Financial, said: “With the cost of living crisis, and with so many mortgages to renew over the next few months, it is even more important to ensure borrowers get the best deals possible.

“Many homeowners are worried about their mortgage payments, and with the magnitude of the rate hikes, it’s critical that brokers help them get a new product as soon as possible.”

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