A family said their mortgage has increased by £1,100 a month - and they'll be forced to sell up and move - as homeowners react to the latest base rate hike. Dave Wells, 34, had been on a two-year fixed-rate mortgage at 3.7% after he bought his three-bed home with his wife Alissa Wells, 34, in 2021.
But it's due for renewal in April - and Dave, a public affairs director, got a shock when checking his mortgage hub last week. The couple, who have a two-month-old daughter now, discovered after April, their mortgage rate is set to nearly double to 6.6% - an extra £1,100 a month.
They said they'll have find a new mortgage provider. The Bank of England raised its base rate from 3.5% to 4% - the highest in 14 years.
