By June 255,000 households’ five-year fixed-rate mortgage deals will end, placing extra pressure on brokers as homeowners search for new deals.

In June alone, more than 104,000 loans will mature, according to specialist mortgage lender Together. That follows 75,700 in April and 74,820 in May.

The company is urging homeowners to take proactive steps now, signalling a further upturn in remortgage activity for mortgage brokers.

Ryan Etchells, chief commercial officer at Together, said June will be the busiest month of the year for mortgages, accounting for more than 11% of total lending. “This will put a lot of pressure on lenders,” he said.

Borrowers expected to look for new deals

“Many borrowers are expected to look for new deals instead of moving onto expensive standard variable rates, especially as people are now more aware of the risk of payment increases,” he said.

Homeowners will be looking to lock in rates early, taking advantage of most lenders’ ability to lock in rates six months ahead and avoiding the default Standard Variable Rate (SVR), which is often the most expensive way to borrow.

Homeowners will also be reviewing any growth in their home’s value, which, if it has increased, could mean that their Loan-to-Value (LTV) ratio has improved, allowing them to unlock lower-tier interest rates that weren’t available to them a few years ago. 

Etchells said: “With over 100,000 people looking for mortgages in June alone, the high street will be congested. This is where specialist lenders and professional brokers shine. We look at the ‘common sense’ of a case, not just a credit store, ensuring that even if your circumstances have changed, you still have a clear path forward.”