Mortgage costs to rise for 3 million, says Bank

Quick Summary:

Around 400,000 households could face monthly payment increases of over 50%.

It also said that research suggested that many renters and lower-income households "intend to run down their savings even further in the next year to deal with the increased cost of living, making these groups less financially resilient".

Why does the Bank of England alter interest rates?

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Article Details

Category: Business

Markets: United Kingdom

Topics: Financial Rates Cost Higher England Report Households Bank Interest Mortgage

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-27 @ 11:48:46 (5 days ago)

News Timezone: GMT +0:00

News Source URL: bbc.com

Language: English

Article Length: 582 words

Reading Time: 4 minutes read

Sentences: 25 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BBC Business

News ID: 21402124

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About BBC Business

Main Topics: Business

Official Website: bbc.co.uk

Update Frequency: 3 posts per day

Year Established: 1922

Headquarters: United Kingdom

News Last Updated: 11 hours ago

Coverage Areas: United Kingdom

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News Language: English

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Publisher ID: #43

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