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Homeowners with a £300,000 mortgage face an annual increase of £13,200 in mortgage payments by the end of 2023, new analysis shows.
Inflation in the UK is set to be the highest of any major developed economy this year, the Organisation for Economic Co-operation and Development (OECD) has warned.
Millions of homeowners face paying several hundred pounds more each year on their mortgages after the Bank of England increased its interest rate to 4.5 per cent.
The Bank of England has announced another rise in interest rates to to 4.5% - the 12th increase in a row.