Unlike the US, where fixed rate mortgages are the norm, most people in the UK have adjustable rate mortages with an initial fixed rate. All fine as long as interest rates remained low - and people could reset their fixed rate with new mortgage every couple of years - but mortage rates going up like this will directly affect existing homeowners, not just aspirational ones.
Compounded by various policies which encouraged every middle class person with a bit of savings to own a couple of investment properties, which will also suddenly see their monthly payments spike...
Big problems!
