The Bank of England's latest financial stability report - released twice a year - shows 4.4 million homes are set to refinance at higher rates though others will benefit from cuts.
Around half the UK's mortgage holders face paying higher rates over the next three years, the Bank of England has warned, while sounding alarm over the potential impact of Donald Trump's looming return to the White House. Its latest financial stability report - released twice a year - showed 4.4 million homes were set to refinance at higher rates.
The report was released against a backdrop of weak expectations for a third interest rate cut this year when the Bank's rate-setting committee meets in a few weeks' time. Just 13% of financial market participants expect a reduction to 4.5% on 19 December. That is because all the data the Bank relies on to judge whether a cut to borrowing costs is appropriate contains red flags. The headline measure of inflation is back above the monetary policy committee's 2% target at 2.
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