2.3 Million UK Households Face Mortgage Shock as BoE Prepares Rate Hike

The Bank of England is set to raise interest rates next week, and that move will soon echo through the mortgages of over 2.3 million UK households when their fixed‑rate deals expire in 2027.

When those deals run out, borrowers will be shifted onto higher rates, meaning monthly payments will climb – a sharp reminder that “fixed” can be as fleeting as a summer breeze.

Lenders are already eyeing a surge in refinancing requests, while homeowners brace for the extra cost that will hit their household budgets.

So, as the BoE prepares its next rate hike, the real drama will unfold in living rooms across the country, where the only thing more surprising than the rate rise may be the size of the mortgage bill that follows.