Higher Mortgage Bills: A Symptom of Broader Economic Woes The Bank of England's latest Financial Stability Report paints a grim picture for UK homeowners, with over five million expected to face higher mortgage bills by the end of 2028.
Typically, owner occupiers can expect an increase of £45 on their monthly mortgage bill, while those rolling off fixed rate deals will see a more significant rise of up to £170 per month.
The Iran conflict has pushed up oil and gas prices, prompting central banks to hike interest rates. This, in turn, has led banks to pass on higher mortgage rates to customers.