More than five million homeowners are now on course for higher mortgage bills by the end of 2028, roughly a million more than the Bank of England expected at the turn of the year, after the conflict in Iran upended the outlook for interest rates.
The revision, set out in the central bank's latest Financial Stability Report, lifts a December estimate of four million affected households. The Bank was quick to add a caveat: this squeeze should prove milder than the one delivered during the worst of the recent rate cycle.
