Rising mortgage costs: the options for struggling homeowners
Tips for securing a new deal and what to do if you cannot afford your monthly payments
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Tips for securing a new deal and what to do if you cannot afford your monthly payments
Mortgage repayments will likely soar for millions across Britain following the Bank of England's latest rise in interest rates, while analysts fear it could increase to 6 per cent by next spring.
The three banking giants, along with Lloyds, which today also paused some of its products, account for around half of the mortgage market in Britain.
The number of available products in the residential sector fell by 517 over the month to leave just under 3,900 on offer for September. In addition, average rates continued to march upwards, with both the average overall two- and five-year fixed rates rising for the 11th consecutive month.
Suffolk expert Joanne Leek has warned of a 'worrying' trend in mortgage repayments after new data revealed they have more than doubled in the last decade.