BOE Says 1.3 Million UK Borrowers Brace for Higher Mortgages
- Rate hikes to hit those who must refinance home loans
- Average household may pay £200 a month more on mortgages
A row of luxury residential homes in the Kensington and Chelsea district of London, UK.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
The Bank of England said about 1.3 million mortgage borrowers are facing a crunch on their finances this year as their fixed-term deals expire.
Those households are likely to have to take on new loans at significantly higher interest rates, requiring them on average to pay about £200 ($250) a month more, the central bank estimated Thursday.