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The UK mortgage time bomb numbers are bad enough as they are, but they get really sickening when you think of them as an effective pay cut.
An increase of £500 in monthly payments (coming to 1m households by 2026) is £6,000 per year, which equates to about a *£10,000 pay cut*
An increase of £500 in monthly payments (coming to 1m households by 2026) is £6,000 per year, which equates to about a *£10,000 pay cut*
For the ~250,000 households whose monthly payments will go up by £1,000 or more, that’s equivalent to a pay cut of more than £20,000.
Just an astonishingly large hit to living standards.
Just an astonishingly large hit to living standards.
Full Bank of England report with lots more charts here bankofengland.co.uk/financial-stab…
(exact equivalent pay cut depends on the incomes of the households in question, but those numbers are what you get if you make reasonable assumptions about the incomes people with those sized mortgages would be on)
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