People with mortgage payments will see a huge increase if interest rates rise as predicted.
Following Chancellor Kwasi Kwarteng’s controversial mini-budget last week, there have been concerns that interest rates could rise to 6% next year. This would be to combat rising inflation after the pound plunged to an all-time low against the US dollar.
Earlier this month, the Bank of England raised interest rates from 2% to to 2.25% - the highest level for 14 years and the seventh hike in a row.
