More than 2.3m households face jump in payments in 2027, after expected increase in Bank of England rate this week

More than 2.3m UK households face a sharp rise in mortgage payments as they come off fixed-rate deals in 2027, with the Bank of England expected to begin raising interest rates this week.

The Bank’s nine-member monetary policy committee (MPC) is widely expected to increase the base rate from 3.75% to 4% on 5 November after UK inflation rose further to 3.5% in September.