Hundreds of thousands of homeowners have been warned they could pay an extra £2,900 a year more for their mortgage from next year if interest rates continue to rise.
The Resolution Foundation predicts the Bank of England base interest rate could peak at nearly 6% by next year - currently, the base interest rate is 4.5%.
According to research by the think tank, around 800,000 people are expected to remortgage next year so will be impacted by the high rates.
