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The Guardian - UK
The Guardian - UK
Business
Richard Partington Economics correspondent

UK homeowners face £19bn rise in mortgage costs as fixed-rate deals expire

Goldman Sachs Halifax HSBC The Bank of England The Resolution Foundation United States
People looking at property for sale in an estate agent’s window in York.
Pressure should begin to ease in the spring, with the Bank of England widely expected to cut interest rates. Photograph: Christopher Thomond/the Guardian

Homeowners are facing a £19bn increase in mortgage costs as millions more fixed-rate deals expire and borrowers are forced to renegotiate their home loans after the toughest round of interest rate increases in decades.

Despite an escalating price war between lenders cutting the cost of remortgaging in recent days, economists at the US investment bank Goldman Sachs said many UK households would still experience a dramatic leap in repayments compared with the deals they were leaving behind.

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