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Almost a third of homeowners take on extra work to afford rising mortgage costs

Nick Cheek
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Nick Cheek

Around 30% of UK homeowners are taking on additional employment to increase their savings before their mortgage costs rise, data from a job-hunting firm showed.

Flex’s survey of 2,000 people found that roughly a third of those who were preparing to remortgage in the next 12 months had either started a side hustle or did more hours. 

Some 30% of people taking on extra work were aged between 25 to 34, while 11% were aged between 55 and 64. 

The survey found that 54% of mortgage holders were also trying to boost their finances by cutting back on non-essential spending such as takeaways and holidays. More than a third (34%) said they were spending less and saving more. 

UK Finance figures show that around 800,000 fixed rate deals are set to end in the second half of this year and the Bank of England has predicted that mortgage payments could rise by £220 each month on average. 

Novo Constare, CEO and co-founder of Indeed Flex, said: “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.”