Millions benefited from mortgages fixed at low prices – now many are struggling with much higher monthly payments

By Alper Kara, Professor of Banking and Finance, Brunel University London

The impact of higher mortgage costs is now biting hard. Three million UK households face the prospect of having to renew their mortgage within the next two years as their fixed-rate periods come to an end. While nearly two-thirds of all borrowers have already remortgaged at more expensive rates, a large number are still waiting to do the same.

The Bank of England’s recent financial stability report highlighted how vulnerable household budgets are to increased mortgage costs. Many…

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