Many homeowners taking on extra temp work to get ahead of mortgage hikes

A third of UK homeowners are turning to the online marketplace for flexible and temp work to boost their savings for looming increases in mortgage repayments.

There are 800,000 fixed-rate mortgage deals that are set to expire later this year and another 1.6 million in 2024, and so, with borrowing rates near record highs, households could potentially see their outgoings increase by an average of £220 a month after renewing.

The Indeed Flex survey shows that as a result, a third of those due to remortgage in the next 12 months are already actively making extra money in anticipation of having their savings hit – either by taking on extra shifts or side hustles, such as temporary work.

Novo Constare, CEO and Co-founder of Indeed Flex, commented on the findings, “Facing financial realities head-on can be challenging, but ignoring them is likely to prove costly in the long run.

“While those with mortgages expiring this year cannot escape repayment increases, a substantial number are actively seizing control of their finances and trying to get ahead of the increase in their outgoings.”

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