Mortgage costs set to rise for 3 million UK households, some up by over 50%.

From Sky News: 2024-06-27 01:31:01

Mortgage costs are set to rise for around three million UK households, with some facing jumps of more than 50%. Despite positive news on inflation and anticipated interest rate cuts, the Bank of England warns of significant increases in repayments for 400,000 households. However, the bank reassures that lenders are prepared to support households and businesses, even in a challenging economic environment. With interest rates currently at a 16-year-high of 5.25%, many households could see an increase in their mortgage rates before the end of 2026, leading to higher monthly payments. The Bank’s latest Financial Stability Report highlights the impact of rising borrowing costs on households and renters, prompting many to reduce their savings.



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