Millions of UK mortgage holders have yet to feel the pain of higher interest rates and will see their borrowing costs rise in the next two and a half years, the Bank of England has warned.
The central bank said more than 3mn homeowners were still paying interest rates of less than 3 per cent, while the current average rate is above 5 per cent, according to Rightmove.
Most of those still on cheaper rates will see those deals finish by the end of 2026. A typical borrower whose fixed-rate deal will expire in that time would pay £180 more each month, an increase of about 28 per cent, the BoE said.
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