An estimated 1.4 million mortgage holders - half of them aged under 40 - could lose more than 20% of their disposable income as rates rise, according to a respected thinktank
The monetary policy committee was widely expected, before the release of the latest inflation data on Wednesday, to opt for a 0.25 percentage point increase - its 13th consecutive hike - to 4.75% on Thursday.has meant financial market participants are now split on whether the rise will be sharper - taking Bank rate to 5%., has driven up expectations over the past month that the Bank will have to maintain its rate rises for longer than anticipated, to possibly as high as 6%.
It prompted a warning from the Resolution Foundation at the weekend that average annual mortgage repayments wereSince March 2022, the average two-year fixed rate mortgage has risen from 2.65% to beyond 6%.Average two-year fixed deal hits 6.01% It said that around 1.4 million mortgage holders - half of whom are under 40 - would see their payments rise by at least 20% of their disposable income.
"After this rise, around 60% of the 14 million with a mortgage will spend at least a fifth of their income on mortgage payments", the study concluded.How will mortgage rises affect you?
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