Five million UK families ‘face mortgage rising by £5,100 a year by end of 2024’

Increase adds up to a 26bn rise for homeowners, says Resolution Foundation thinktank

More than five million families could see their annual mortgage payments rise by an average of 5,100 between now and the end of 2024, heaping fresh pain on households already struggling with higher food and energy bills.

The increase adds up to a 26bn mortgage rise for homeowners, according to the analysis by the Resolution Foundation thinktank which said nearly a fifth of British households would have to spend more on their housing costs by the end of 2024.