Family forced to sell home after mortgage payments increased from £295 to £1,511
The Bank of England base rate rise has left a couple who sometimes 'don't have £10 spare,' in financial distress due to rising mortgage prices.
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The Bank of England base rate rise has left a couple who sometimes 'don't have £10 spare,' in financial distress due to rising mortgage prices.
Borrowers are being locked out of the mainstream mortgage market, simply because they have minor adverse credit of a few hundred pounds.
Mortgage repayments have risen substantially over the past year in the wake of the Bank of England's series of interest rate hikes.
Mortgage rates have been slowly rising following base rate rises since May as the Bank of England attempt to bring inflation down to their two percent target.
Despite the extra help announced, Joanne is still not sure what she can do as her mortgage payments have gone up by £500 every month.