UK households remortgaging in 2024 face £2,900 rise in annual payments

UK households that come to the end of fixed-rate mortgage deals next year face an average £2,900 increase in annual payments, putting Rishi Sunak under pressure to defuse an election-year time bomb.

The estimated increase in payments by the Resolution Foundation think-tank reflects concern that the UK has a worse inflation problem than other countries and that the Bank of England will need to raise interest rates to almost 6 per cent…