‘How are people meant to live? My mortgage has gone up by £500 a month'
manchestereveningnews.co.ukMortgage holders across the country are facing increased pressures amid the cost of living crisis after interest rates have now hit a new 15-year high.
As the Bank of England decided to raise interest rates by 0.5 percent on Thursday (June 22), this has now put the base rate up to five percent - which is bad news for homeowners.
Those who are coming to the end of their fixed-rate deal, or who have a variable rate mortgage, are now being hit incredibly hard by higher interest rates which have a direct affect on their monthly mortgage repayments.
According to online comparison site Money Expert, around 700,000 fixed-rate mortgages are coming to an end in the second half of 2023, with many homeowners coming off a deal that was significantly cheaper after buying their house when rates were much lower. Join our WhatsApp Top Stories and Breaking News group by clicking this link Leanne Kearey, 33, is just one of hundreds of thousands of homeowners whose mortgage repayments have become unaffordable due to increased rates.
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