London households face a mortgage hike of £7,300 a year

Around 3.5 million households are yet to feel the impact of rising mortgage rates because they are still on cheap fixes or variable rate deals

Model house next to stacks of coins
(Image credit: © Getty images)

London households face an annual bill rise by up to £7,300 when they remortgage this year, a think tank has warned.

Around 3.5 million households are yet to face the impact of rising mortgage rates as they are still on cheap fixed deals and nationally will have to spend an extra £9bn in interest over 2023 and 2024, according to the Centre for Economics and Business Research.

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Katie Binns

Katie is deputy editor of Times Money Mentor and long-time contributor to the Sunday Times where she started on the Irish desk in 2012 and spent 10 years covering news, culture, travel, personal finance and celebrity interviews. 

Her investigative work on financial abuse has examined the response of banks, the Financial Ombudsman and the child maintenance service to victims, and resulted in a number of debt and mortgage prisoners being set free - and a nomination for Best Finance Story of the Year at the Headline Money awards in 2021 and 2022. 

Katie was also shortlisted for Freelance Journalist of the Year at the Headline Money awards in 2022, 2023 and 2024 and won Personal Finance Journalist of the Year at The British Bank Awards 2022.