UK homeowners face £19bn rise in mortgage costs as fixed-rate deals expire
by Richard Partington Economics correspondent from Economics | The Guardian on (#6HKBP)
Up to 1.5m households expected to face sharp increase this year, with inflation and tax rises also denting spending power
Homeowners are facing a 19bn increase in mortgage costs as millions more fixed-rate deals expire and borrowers are forced to renegotiate their home loans after the toughest round of interest rate increases in decades.
Despite an escalating price war between lenders cutting the cost of remortgaging in recent days, economists at the US investment bank Goldman Sachs said many UK households would still experience a dramatic leap in repayments compared with the deals they were leaving behind.
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