Mortgage costs to jump for 3m more households, says Bank of England

Around three million UK households may see mortgage repayment increases, with 400,000 possibly facing hikes over 50%, due to rising borrowing costs.

UK lenders are ready to assist households and businesses despite economic uncertainties, as interest rates remain at a 16-year high.

A shift towards longer mortgage terms to lower monthly payments might lead to increased debt in the long run for many households.

Higher mortgage rates have resulted in a decrease in savings for many households and renters, with rising rent costs adding financial pressure.

Read at www.independent.co.uk