Nearly a million mortgage holders will see their monthly repayments jump by £500 or more in the coming years, the Bank of England has warned.
The bank said its models suggested a sharp leap in mortgage costs for many households across the country as the impact of higher interest rates feed through.
And it said it would take another 3 percentage point increase in interest rates for that burden to exceed that peak. The Bank said: "Although the proportion of income that UK households overall spend on mortgage payments is expected to rise, it should remain below the peaks experienced in the global financial crisis and in the early 1990s.
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