Fewer households will struggle to keep up with mortgage payments than previously expected, the Bank of England has suggested.
Close to 500,000 households are predicted to spend more than 70% of their post-tax income on their mortgage by the end of next year, it said.
That’s down from 650,000 predicted in July.
That’s down from 650,000 predicted in July.
According to the bank’s estimates, just under 900,000 will see mortgage payments jump by more than £500 a month due to higher interest rates.
Around 20% of that number are predicted to see a jump of more than £1,000 per month.
In the Bank’s latest Financial Stability Report published on Wednesday, it said that five million mortgage accounts had been re-priced since interest rates started to rise in December 2021.
It estimated five million more would see their mortgage payments rise by 2026.
There was some better news for mortgage holders though, with the bank downgrading its forecast of those predicted to struggle to pay back their loans.
Fewer households will struggle to keep up with mortgage payments than previously expected, the Bank of England has suggested.
That’s down from 650,000 predicted in July.
Close to 500,000 households are predicted to spend more than 70% of their post-tax income on their mortgage by the end of next year, it said.
According to the bank’s estimates, just under 900,000 will see mortgage payments jump by more than £500 a month due to higher interest rates.
That’s down from 650,000 predicted in July.
That’s down from 650,000 predicted in July.
According to the bank’s estimates, just under 900,000 will see mortgage payments jump by more than £500 a month due to higher interest rates.
Around 20% of that number are predicted to see a jump of more than £1,000 per month.
In the Bank’s latest Financial Stability Report published on Wednesday, it said that five million mortgage accounts had been re-priced since interest rates started to rise in December 2021.
It estimated five million more would see their mortgage payments rise by 2026.
There was some better news for mortgage holders though, with the bank downgrading its forecast of those predicted to struggle to pay back their loans.
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