Around three million UK households will see their mortgage repayments rise over the next two years as high interest rates continue to take effect, the Bank of England has said. As many as 400,000 homes are likely to experience 'very large increases' of more than 50%, its financial policy committee said. Money latest: 27 areas where Aldi wants to open new stores as a 'priority' Interest rates have been brought to a near two-decade high of 5.
This is because they signed up for a deal before the energy price shocks which resulted from the war in Ukraine. Once those deals come to an end, households will have to sign up to a more expensive product. Most mortgage holders, however, have repriced since mortgage rates started the cycle of increases late in 2021. 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.
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