— The one thing to do now as Google searches for ‘mortgage loan’ hit all-time high in UK
The last time Britons Googled “mortgage loan” this much, Northern Rock had just collapsed. Now, nearly two decades on from the 2008 financial crisis, searches for the term have hit a fresh all-time high in the UK — and experts say millions of homeowners are sleepwalking into a financial shock.
The reason is straightforward. Around 1.8 million fixed-rate mortgage deals expire this year. Nearly one million of those were locked in during 2021, when the average five-year fixed rate sat at just 1.58%. The best equivalent deal available today is 3.89% — and for anyone who does nothing when their deal ends, lenders automatically move them onto a standard variable rate currently averaging over 7%.
Sajni Shah, mortgage expert at Compare the Market, put it plainly: “With nearly one million families due to come off ultra-low five-year fixed terms, many will be shocked to see their repayments jump by around £2,124 a year on average. Despite the recent base rate reduction, certain households will be on thin ice as they struggle with the ongoing cost of living pressures on their budget.”
That works out at roughly £177 extra every single month — before energy bills, food, or the weekly shop.
David Hollingworth, associate director at L&C Mortgages, offered some reassurance, saying that while a hike in payments is inevitable once a fix ends, “mortgage rates have improved substantially recently and are much lower than at the peak.” The key, he said, is not to wait.
Google Trends data, analysed by Seo Backlinks, shows searches for “mortgage loan” are now at their highest point since records began — higher even than during the 2008 crisis. The searches tell a story the official figures have not yet caught up with.
Here is what you need to do
Check when your current deal ends. If it is within the next six months, start the remortgage process now. Most lenders allow you to lock in a new rate up to six months in advance — and if a better deal appears before you complete, you can usually switch to it at no cost.
Do not go straight to your existing bank. They will only show you their own rates. A whole-of-market broker compares deals across more than 200 lenders and could save you significantly more.
If you are already on your lender’s standard variable rate, act today. Every month you wait is money you will not get back.
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