Mortgage costs to jump for 3m more households, says Bank of England

About three million UK households are still set to witness hikes in their mortgage repayments over the next two years, the Bank of England said.

The Bank’s latest Financial Stability Report showed that most households have already had an increase in their mortgage rates since borrowing costs began rising substantially in 2022. A typical household rolling off a fixed-rate mortgage before the end of 2026 is due to face a jump of around £180 a month, the report said.

It added that the share of renters falling behind on payment increased to 16.5% in the first quarter of 2024, compared with 15.7% a year ago, after significant increases in rents year-on-year. The banking sector “has the capacity to support households and businesses even if economic and financial conditions were to be substantially worse than expected”, according to the FPC.

The report highlighted that high inflation or geopolitical changes could trigger a sell-off which could impact prices.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Barclays cuts mortgage rates after Bank of England interest rate decisionSeveral lenders have cut their rates following the decision to hold interest rates at 5.25 per cent
Source: i newspaper - 🏆 8. / 89 Read more »

ADVICE COLUMN: Lanarkshire mortgage expert with advice on renewing your mortgageKevin McCarthy wants to highlight why getting your mortgage in order sooner rather than later can be beneficial in the long run.
Source: Daily_Record - 🏆 9. / 89 Read more »

Mortgage payments are up the most in this New England city over the past 2 yearsMonthly mortgage costs have grown by 45% in Providence, Rhode Island—the most among the 50 largest U.S. cities.
Source: NECN - 🏆 20. / 71 Read more »

No relief for mortgage holders as Bank keeps interest rates unchangedYou may have to wait until August or September to see the numbers come down
Source: nottslive - 🏆 96. / 52 Read more »