Millions face £250 monthly mortgage rise next year, Bank of England says
About four million UK households will face higher mortgage payments next year, the Bank of England has said, with the typical payment up by £250.
Businesses would also be under "significant pressure" owing to rising prices and borrowing costs, it added. Anyone coming to the end of their fixed-rate deal and looking for a new one, or first-time buyers taking out their first mortgage, have seen these loans become much more expensive than they had probably expected or planned for.
Variable or tracker rate mortgages can change at any time, usually in response to decisions made by the Bank's Monetary Policy Committee on the benchmark Bank rate. Meanwhile, property prices have fallen for three months, the sharpest downturn since the global financial crisis more than a decade ago.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank of England to stress test risks in non-bank financial markets\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »
‘I need to keep my home’: Mother may be forced onto interest-only mortgage after rates soar📈 Dee Mellor's three-year fixed rate mortgage is due to come to an end in March next year Rising interest rates means she is now looking at paying £720 per month for a new fixed rate deal, up from £460
Read more »
Bank of England expected to further increase interest ratesInterest rates could shoot to 3.5 per cent from next week following a meeting of the Monetary Policy Committee
Read more »
Metro Bank: regulator brings challenger bank to heel\n\t\t\tLet our global subject matter experts broaden your perspective with timely insights and opinions you\n\t\t\tcan’t find anywhere else.\n\t\t
Read more »
When is winter fuel allowance paid? How to get help paying energy bills this winterMILLIONS of elderly people can claim up to £600 in free cash from the government to help them this winter. The winter fuel payment has been boosted to give low income pensioners between £250 to £60…
Read more »
Joey Barton delivers absolute truth on England exit and Gareth SouthgateJoey Barton delivers absolute truth on England exit and Gareth Southgate nufc england
Read more »