The Bank of England has hiked interest rates to 5% adding further strain to millions of homeowners across the country.
The central bank's base rate was upped by 0.5 percentage points from 4.5% and remains at its highest level since the 2008 financial crash. It is also the largest single rise since February this year.
It is the thirteenth time the base rate has been raised in a bid to lower inflation - which yesterday was confirmed as 8.7%.
