By the end of 2026, around a million households with a fixed-rate mortgage will have seen their monthly repayments go up by about £500, the Bank of England has said.
The average household will see their monthly interest payments go up by about £220 if they are refinancing during the second half of this year and see their rate go up by about 3.25 percentage points.
Around 4.5 million people with a fixed-rate mortgage have seen an increase in their monthly repayments since interest rates started to rise in late 2021, the Bank found.
