Mortgage costs will jump for millions, warns Bank of England

The Bank of England has warned that roughly 4.4 million UK households could face mortgage repayment increases over the next three years, with around 420,000 households potentially seeing £500-per-month hikes. Additionally, between 1 million and 1.5 million people are expected to experience a second rate increase, with 2.7 million individuals anticipated to refinance onto rates exceeding 3% by the end of 2027. Interest rates have already risen significantly, prompting the central bank to make two rate cuts in recent months, bringing the base rate down to 4.75%.

Full Article