Mortgage warning as three million households set to see bills jump, says Bank of England...

MORE than three million households are still set to witness hikes in their mortgage repayments over the next two years.

But it added that there are “global vulnerabilities” for the sector, including “policy uncertainty” associated with upcoming elections across the world, including in the UK, the US and France in the coming months. A fixed-rate mortgage is where you agree an interest rate with the lender and you make the same monthly payments for the duration of the deal.Thousands of building society customers to get £100 free cash direct to accounts

This is important for buyers because high street banks and lenders use the BoE base rate to set their own interest rates onWhat is going on with mortgages rates?Borrows have seen some relief in recent weeks with a number of high street lenders cutting the rates of their deals.Meanwhile, HSBC cut more than 300 deals across its residential and Buy to Let mortgage ranges.

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