Five million families will pay £5,000 more for a mortgage

By the end of 2024, annual mortgage payments for five million people would have increased by £5,100, the Conservatives have been forewarned.

According to the Resolution Foundation, the mini-Budget of ousted Chancellor Kwasi Kwarteng will have a "substantial and immediate" impact on mortgage rates

By the end of 2024, annual repayments for more than five million households will have increased by an average of £5,100, with £1,200 of the increase being a "post-mini-Budget penalty" due to higher interest rate

According to the think tank, it will result in an increase in annual mortgage payments for British homeowners of £26 billion.

7.4 million British households have a mortgage on their primary residence.

By the end of this year, 1.7 million households, including 500,000 homes that have taken out new fixed-rate arrangements


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