Mortgage Payments Will Rise for 3 Million Households: BoE

Published on June 27, 2024

Mortgage payers coming to the end of fixed-rate deals will see their payments rise in the next two years, the Bank of England has said. The full impact of increased interest rates since 2021 will be felt across all mortgagors, as they roll off a fixed rate between June 2024 and the end of 2026. In its latest Financial Stability Report, the BoE said that the increase will affect the majority of over 3 million people, who are still paying rates of less than 3 percent. Their mortgage repayments are projected to increase by around £180, or around 28 percent. Around 400,000 households will see an increase in their payment of 50 percent or more....

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