News · 7 July 2026
Over 5 million UK homeowners face higher mortgage bills by end of 2028
Unsplash / Kostiantyn Li
The Bank of England now expects over five million homeowners to see their monthly mortgage repayments increase by the end of 2028, up from four million previously. The increase mainly stems from the Iran war's effect, which elevated oil and gas expenses, resulting in increased interest rates. Homeowners whose fixed rates expire within the next two years might experience an average rise of £45 in their monthly payments.
Reported by BBC · How we write briefs