More than 4 million homeowners — half the total — face higher mortgage repayments as they refinance on to deals on higher rates in the next three years, the Bank of England has warned.
This includes some unlucky borrowers, an estimated 1 million to 1.5 million homeowners, who have already moved on to a higher rate once and will need to refinance again on yet more expensive terms by the end of 2027.
For others, the pain of higher mortgage rates will be new. The Bank said that 37 per cent of fixed rate mortgage holders had not needed to re-fix their deal since borrowing costs started to rise in late 2021.
• ‘My new mortgage came with a £200,000 fee’
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