Mortgage holders across the country are facing increased pressures amid the cost of living crisis after interest rates have now hit a new 15-year high. As the Bank of England decided to raise interest rates by 0.5 percent on Thursday (June 22), this has now put the base rate up to five percent - which is bad news for homeowners.
Those who are coming to the end of their fixed-rate deal, or who have a variable rate mortgage, are now being hit incredibly hard by higher interest rates which have a direct affect on their monthly mortgage repayments.
According to online comparison site Money Expert, around 700,000 fixed-rate mortgages are coming to an end in the second half of 2023, with many homeowners coming off a deal that was significantly cheaper after buying their house when rates were much lower.
