Almost half of mortgagors will ‘make big spending cuts if payments rise in next year’

Nearly half of people with a mortgage say they will have to make large cuts to household spending if their payments increase in the next year, according to YouGov (Gareth Fuller/PA) (Picture: PA Archive)

Nearly half (45 per cent) of people with a mortgage say they will have to make large cuts to household spending if their payments increase in the next year.

And more than a third (37 per cent) would have to make small spending cuts to sustain their current lifestyle if their mortgage payments increased between now and October 2023, according to research from YouGov.