The Impact of Higher Interest Rates on Mortgages

There are nearly 11 million mortgage homes in Britain, but some are by to let properties or second homes. The Resolution Foundation analyzed the 5-year period from the end of 2021 to the end of 2026. Half of the 7.5 million mortgage-bearing households have already come off of their fixed rate and were on a variable rate mortgage with no locked period when Bank of England started raising rates. It will take a few more years till every borrower is feeling the pinch. For British borrowers, around 3-5 of the pain is still to come.