Resolution Foundation says that annual mortgage repayments are set to rise by £2,900 for the average household next year with rates expected to peak at 6% by mid-2024.
Annual mortgage repayments are set to rise by £2,900 for the average household next year, according to a think-tank.
Annual repayments are now on track to be £15.8 billion a year higher by 2026 compared with prior to the Bank’s rate-tightening cycle starting in December 2021, up from a projected £12 billion increase at the time of the most recent Monetary Policy Report in early May, the foundation said. This year’s rate rises are also predicted by the foundation to increase the cost of a typical mortgage by 3% of typical household income this year – even bigger than a 2.4% increase seen in 1989.
Back in 1989, nearly 40% of households owned a home with a mortgage, and were therefore exposed to rising costs.
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