borrower

That has created a headache for borrowers hoping costs were on a consistent downward trend, especially in light of the Bank of England cutting the benchmark interest rate earlier this month.

A flurry of Biden administration initiatives and court rulings against them have left millions of borrowers uncertain about their future payments.

The court of appeal said “burying such a statement in the small print which the lender knows the borrower is highly unlikely to read will not suffice”.

However, more than one million borrowers on tracker and variable deals could see an immediate fall in their monthly repayments if the Bank cuts rates.

This is for older homeowners who want to leverage the value of their home without having to sell it—the mortgage company takes a lien and pays out the borrower in regular installments.