Warning mortgage payments could jump by £10,000 a year if interest rates hit 6%

Homeowners have been warned they face paying almost £10,000 a year more on their mortgage if interest rates continue to climb.

Interest rates are now expected to rise to 6% next year - far above the 1.5% rate projected just months ago.

The Bank of England last week hiked its base rate to 2.25% - its highest level in 14 years - as it battles to bring down soaring inflation.