London homeowners face a £700 million mortgage bombshell this year as thousands of borrowers on cheap fixed deals are forced to refinance them at far higher rates.
More than 100,000 fixed-rate loans secured on homes in the capital are due to expire between now and the end of the year, mostly five and two-year deals taken out in 2018 and 2021 respectively when mortgage rates were at all-time lows of around the two per cent mark.
