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The Guardian - UK
The Guardian - UK
Business
Zoe Wood

UK mortgage rate rises ‘will put extra 400,000 people in poverty’

Poverty Bank of England JRF
A wall with graffiti that points towards a food bank in Leeds
The report says 750,000 households – or 2.4 million people – with a mortgage are already in poverty. Photograph: Daniel Harvey Gonzalez/In Pictures/Getty

Higher monthly home loan costs will pull another 400,000 people into poverty in the coming year as the fallout from dearer mortgage rates ricochets through the housing market.

The Joseph Rowntree Foundation (JRF) said an extra 120,000 households in the UK, the equivalent of 400,000 people, will be plunged into poverty when their current mortgage deal ends.

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