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One third of UK mortgage holders are doing extra work to boost savings to account for higher interest and higher repayments, new data from a temporary work app shows.
The data from Indeed Flex showed more than half, or 54% of mortgage holders, are cutting back on spending and one in three (34%) are putting more into their savings to make sure they can afford rises.
Increased mortgage rates as the Bank of England raises its base rate have not yet filtered through to all households with a mortgage, the company said, but 800,000 fixed-rate mortgage deals are due to expire in the latter half of 2023 — along with 1.6 million in 2024.
Households could see their outgoings increase by an average of £220 ($278) a month when they renew their mortgage deals, it added.
Nearly 30% that are due to remortgage in the next 12 months are already making extra money by doing extra shifts or taking on side hustles - including temporary work - to shore up their finances, the company said.
Three in ten of those taking on extra work are 25-34.
Just over one tenth, or 11% of those aged between 55 to 64, are pursuing additional employment to cover increased repayment costs, the company said.
(Reporting by Imogen Lillywhite; editing by Brinda Darasha)
