This is going to hurt. Londoners face a mortgage “timebomb” as new research reveals that half a million homeowners in the capital and South-East face an eye-watering £1,800 hike in repayments once their fixed-rate deals lapse.
These warnings come a day before the Bank of England is expected to raise interest rates again, this time possibly by 50 basis points, the single largest jump in 27 years as it seeks to get inflation back under control. Interest rate rises may be necessary to control inflation but they eat away at disposable incomes, sap spending power and threaten to decelerate further an already flagging economy.
