Millions in UK brace to remortgage on worse deals as rate rise looms

Millions of UK households are preparing to remortgage their homes, but they may end up with worse deals due to an expected interest rate rise. This is because many homeowners have fixed-rate mortgages that will expire in 2027, and when they do, their payments will increase if the interest rate rises. The Bank of England is expected to raise its base rate from 3.75% to 4% this week, which will lead to higher mortgage payments for over 2.3 million households.

Why it matters

The Bank of England is expected to raise interest rates, which will increase mortgage payments for many households. This could lead to a decrease in consumer spending and economic growth.

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