The Bank of England has warned that nearly a million homeowners across the UK will see their monthly mortgage payments increase by £500 or more in the coming months.
The central bank's models show that the average mortgage payment could rise by £6,000 a year as interest rates continue to climb.
The Bank of England has raised interest rates five times since December in an attempt to bring inflation under control. Inflation is currently at a 40-year high of 9%.
The increase in interest rates is having a knock-on effect on mortgage payments. The average mortgage rate is now 5%, and it is expected to rise further in the coming months.
This means that homeowners with large mortgages could see their monthly payments increase by a significant amount. For example, someone with a £300,000 mortgage on a 25-year term could see their monthly payment increase by £500 if interest rates rise to 6%.
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