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Millions face mortgage rate increase
Western Daily Press
|January 26, 2026
NEARLY one million five-year mortgages could be up for renewal in 2026, with many homeowners likely to have previously locked into ultra-low rates, according to a comparison website.
> Properties in the Brislington area of Bristol
(Paul Gillis / Reach Plc)
In 2021, a total of 971,105 five-year fixed-rate regulated mortgage products were opened, according to data obtained from the Financial Conduct Authority (FCA) following a freedom of information (FOI) request on behalf of Compare the Market.
The total does not take into account mortgages that may have been paid off early before 2026.
In 2021, sub-2% five-year rates were widely available in the low interest rate environment. Mortgage rates later jumped, but have been edging down more recently, with the Bank of England cutting the base rate by 0.25 percentage points to 3.75% in December.
This story is from the January 26, 2026 edition of Western Daily Press.
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