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Homeowners are being warned to take stock of their mortgage as lenders are likely to increase rates, following the Bank of England's decision.
Mortgage payments will typically amount to at least seven times that of the typical spend on energy bills, according to L&C Mortgages.
The Bank of England’s surprise December interest rate increase has begun to filter through to the mortgage market, pushing up the cost of both fixed and variable rate deals.
Borrowers in the UK are being urged to act quickly after the Bank of England's decision to raise interest rates.
New research from Roy Morgan shows an estimated 584,000 mortgage holders (15.8%) were ‘At Risk’ of ‘mortgage stress’ in the three months to September 2021. This period encompassed the recent lockdowns in NSW, Victoria and the ACT which finally ended during the month of October.