Millions to face shock jump in mortgages repayments over the next two years

MORE than a third of homeowners can expect their mortgages to jump by around £180 a month over the next two years, according to the Bank of England.

The Bank’s latest report into the UK’s financial stability revealed that about three million households are on mortgage rates below 3 per cent.

This is because their fixed home loans were taken out before interest rates started rising and are yet to expire.

Even though interest rates are forecast to be cut soon...