More than a million homeowners in the UK are set to come off two-year fixed-rate mortgages this year, prompting warnings to avoid moving onto a Standard Variable Rate (SVR), which can be more expensive. Compare the Market says the group includes more than 1 million households, with an average current fixed rate of 4.81%.
As fixed terms end, borrowers typically need to refinance or choose another tariff. If they remain on the SVR, mortgage costs may rise compared with their outgoing fixed deal, leading to “bill shock” concerns. The outlets report the same core figure and average rate, framing the issue as a near-term financial risk for households facing a higher repayment structure after the fixed period ends.
Both sources focus on consumer guidance rather than specific policy or lender actions. They highlight the timing of the switch and the potential cost implications, with similar emphasis on the consequences of defaulting to the SVR rather than actively shopping for a new mortgage product.
