700,000 homeowners could see annual mortgage costs increase by up to £7k in 18 months

📆 6/21/2023 9:06 PM
📰 i newspaper

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700,000 households on expensive variable mortgage deals face paying interest rates above 9% in the next few months, and being hit by annual costs of up to £7,000 more than the amount they would have paid 18 months ago 🔴 CallumCMason reports

Those on SVRs of this size over 25 years could see their payments go by £888 a year compared to what they are currently paying.

The figures will cause worry ahead of a predicted Bank of England base rate rise tomorrow – with a rise of 0.25 or even 0.5 percentage points mooted. The data comes as analysis from the Institute for Fiscal Studies think tank suggests interest rate hikes could see 1.4 million people lose 20 per cent of their disposable income to rising mortgage payments, with mortgage holders in their 30s and in London hit hardest.

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