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Liverpool Echo
Liverpool Echo
Business
Kate Lally

£23,000 warning to anyone with a mortgage

Bank of England

Homeowners face paying thousands of pounds more in interest over the lifetime of their mortgage following the Bank of England's latest interest rate rise.

The latest research by specialist property lending experts, Octane Capital, has revealed that the average homeowner looking to remortgage in the current market will pay over £23,000 more in interest over the lifetime of their new mortgage term.

The current interest rate of 5% is the highest seen in over 15 years since April 2008 when the base rate also sat at 5%.

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