Nottinghamshire homeowners have expressed their concern for their future after mortgage rates rose again. The Bank of England on Thursday, June 22 hiked interest rates to 5 per cent, further straining the finances of millions of homeowners across the country, with millions of variable mortgages and rents becoming more expensive.
Some borrowers have been forced into moving home due to the increased payments, with many others struggling to cope amid the cost-of-living crisis. In response, mortgage lenders have now promised to introduce a 12-month waiting limit before they start repossessions and the government has held discussions with banks over the issue.
The situation caused disquiet in affluent West Bridgford, which is sometimes referred to as Bread and Lard Island, owing to an old belief that those living there could only bread and lard once they had bought a house. Many of those in the Nottingham suburb, where the average house price is around £400,000 according to real estate sites, said they were worried about those paying mortgages.
