Annual mortgage bills to rise by £5,100 for 5mn UK households, study shows

More than 5mn households in Britain are set to see their annual mortgage payments increase by an average of £5,100 by the end of 2024, in the wake of high inflation and the “mini” Budget.

More than 1mn households with a variable-rate mortgage already face higher repayments after the chancellor’s fiscal statement last month.

However, the figure is set to rise to 1.7mn by the end of this year, as people on fixed-rate offers move on…