AROUND four million mortgage borrowers are set to see their monthly payments jump at the end of the next year as the risk of households defaulting on debt has risen, the Bank of England has warned.
People with a fixed-rate home loan due to expire at the end of 2023 are facing average monthly repayment increases of about £250 as they are forced to refinance onto a higher rate.
This is based on market interest rates at the end of November, with the Bank’s base rate set at 3% and set to rise again on Thursday.
