A couple say they might be forced to consider selling up and renting over their soaring monthly mortgage repayments. Mark Pepperell said he was expecting to pay in the region of £150 a month extra as he searched around for a new deal.
But as interest rates climb towards six per cent, he's now been hit by a £250 per month increase. "It's a hard pill to swallow," he said. "We're comfortable, putting money back into restaurants or retail.
"But those things are going to have to stop. We will now have to take serious decisions on where our money goes." Mr Pepperell added that in two years, if rates stand at six or seven per cent, they may even have to consider selling up and renting instead.
