The housing crisis in Britain has intensified with more than 1.4 million homeowners having to refinance their mortgages at higher interest rates.

More than 1.4 million homeowners will have to refinance their mortgages at higher interest rates. <Bloomberg News reported that many homeowners in Britain will have to cut back on other expenses to cover the increased cost of their mortgages, while others may find it impossible to make ends meet. <The crisis is expected to peak over the next several months with 371,000 mortgages renewed from April through June. <Bloomberg noted that these loans were taken out before the Bank of England began a cycle of raising key interest rates at its fastest pace in three decades to rein in inflation. Most of these loans have an interest rate of less than 2%, according to the U.K. Census Bureau, but will be renewed at three times the current rate.

According to <According to interest rate comparison website U-Switch, the average interest rate for two-year mortgages is 51.35TP3T, while for five-year loans it is slightly lower at 41.74TP3T. The interest rate reached its highest level in October last year at 61.65TP3T.

Last month, the Bank of Japan's (BoG) decision to raise the interest rate for two-year mortgages was announced. Last month, the Bank of England decided to increase its key interest rate again by 25 basis points to 41.25TP3T.

Last month, the Bank of England decided to increase its key interest rate again by 25 basis points to 41.25TP3T.