Up to 650,000 households at risk of defaulting by end of year, Bank warns
Nearly a million homeowners are facing mortgage shock of at least £500-a-month, the Bank of England has warned.
Homeowners on cheap fixed deals who remortgage by the end of 2026 will see a sharp jump in costs of at least £6,000 a year, economists at the Bank said.
Of the near-million facing an increase of at least £500-a-month, around 200,000 will see their bills rise by £1,000 or more.
The Bank of England warned that the sharp increase in housing costs meant hundreds of thousands of families may struggle to pay their mortgages.