According to the Bank of England's Financial Stability Report, 3.6 million households, representing over 40% of mortgage holders, are likely to experience rising monthly payments within three years. Around 30% of homeowners have not refinanced since the rise in interest rates began in 2021. Despite a decrease in the refinancing percentage from 50% in November to 30% today, many homeowners are still susceptible to payment shocks until mid-2028. Conversely, around 2.5 million households may see their repayments decline by June 2028, particularly benefiting from any future interest rate cuts.
Around 3.6 million households, just over 40% of mortgage holders, are likely to see their monthly payments rise over the next three years, according to the latest update from the Bank of England.
Approximately 30% of homeowners have yet to refinance their mortgages since interest rates began climbing in 2021, causing many to be shielded from the impact of tighter monetary policy.
The proportion of households yet to refinance has fallen from 50% in November to 30% today, but a significant number will face payment shocks between now and mid-2028.
Approximately 2.5 million households or 28% of mortgage holders are expected to see their monthly repayments fall by June 2028, benefiting from potential interest rate cuts.
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