Warning as five million households to be hit with £240 monthly increase in mortgage bills

FIVE million households will be hit with a £240 monthly increase in their mortgage bills, the Bank of England has warned.

The extra hit by 2026 will come as homeowners face renewing their mortgage loan at a much higher rate than secured in 2021, when interest rates were 0.5 per cent and the average mortgage rate was 2.25 per cent.

GettyFive million households will be hit with a £240 monthly increase in their mortgage bills[/caption]

Mortgage rates have since shot up to...