UK households face potential mortgage payment hikes, with risks of up to £500 more monthly for 420,000 homes.

The Bank of England warns that nearly half of UK households with mortgages, around 4.4 million, may face higher monthly payments over the next three years. Up to 420,000 households could see increases of up to £500 per month. Meanwhile, nearly a quarter of borrowers are expected to see lower payments. The Bank also notes rising economic risks due to geopolitical tensions and interest rate hikes. Additionally, the Confederation of British Industry reports that due to budget proposals, nearly two-thirds of firms plan to cut new hires, and almost half will lay off existing staff, potentially leading to 130,000 job losses.

November 29, 2024
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