The Bank's Financial Policy Committee said this will include "very large increases" of more than 50% for the mortgages of around 400,000 households.But the central bank stressed that UK lenders are still in a strong position to support households and businesses, even if the economic backdrop worsens.
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 highlighted that an "increasing proportion" of households have been choosing to borrow over a longer period of time, reducing monthly repayments but leaving them with more debt to service over time.Higher mortgage rates have resulted in many households and renters reducing their savings, the Bank found.
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