People aged 18-24 are more than twice as likely to choose a tracker mortgage than any other age group. Those aged 55 or older are the most likely to have a standard variable rate mortgage, while 25–34-year-olds will be least affected by current hikes in mortgage rates, as 4 in 5 are on a fixed-rate deal.

Claire Flynn, mortgage expert at Uswitch.com, advised: “With those on tracker mortgages seeing significant hikes in their monthly repayments, homeowners without the safety net of a fixed-rate mortgage may be considering moving to a new deal. However, with some experts predicting that interest rates could decrease after peaking in 2023, there is a possibility that a tracker mortgage could result in lower monthly payments, and more money saved in the long term.”