Millions to pay average £5,000 more for mortgage by 2024

More than 5m households could see their annual mortgage payments rise by an average of £5,100 by the end of 2024, a think tank has warned. In total, mortgage payments are set to rise annually by £26bn over the next two years, according to the Resolution Foundation. Households in London will see the biggest increase, with average payments projected to rise by £8,000 over this period - more than twice the level of the £3,400 increase experienced by households in Wales. Lindsay Judge, research director at the Resolution Foundation, said: "With almost half of all mortgagor households on course to see their family budgets fall by at least 5% from higher payments, the living standards pain from rising interest rates will be widespread." While some homeowners on variable rate deals will see their costs increase immediately, the impact on the majority of mortgaged homeowners, who are on fixed-rate mortgages, will build over the coming years as they move off lower rates on to new deals, the think tank added. 

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