Labour says 630,000 will be hit by surge in mortgage costs before 2024 elections

Long period of high interest rates expected, meaning higher costs for homeowners whose fixed-rate deals are coming to an end

Labour has warned that more than half a million homeowners face a surge in mortgage costs before the local elections in England in May, as ministers battle to contain the damage from what is expected to be a long period of high interest rates.

With the Bank of England widely expected to hold its key base rate at 5.25% on Thursday, the party released analysis that showed 630,000 more homeowners would be hit by higher borrowing costs before local elections next year.