🏠 Nearly one million homeowners will see their fixed-rate mortgages rise by around £500 per month by 2026, the Bank of England has warned connie_dimsdale explains how your mortgage could be affected in the coming years ⬇️
When fixed-term mortgage deals expire, homeowners are left with no choice but to choose more expensive deals or get left on a pricy Standard Variable Rate .fixed-rate mortgage deal, typically for two or five years.
Nearly a million people could see repayments rise by £500 a month by the end of 2026, while less than half a million could face a monthly jump of more than £750.Some four millionare still set to face a sharp rise in borrowing costs between now and the end of 2026. Higher interest rates are also putting some firms under pressure, especially smaller businesses with more debt.Governor of the Bank of England said there “will be consequences”Speaking to reporters, the governor of the Bank of England Andrew Bailey said: “It is going to have an impact clearly. That is part of the transmission of monetary policy, no question about that.
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