Homeowners with variable or tracker mortgages face paying thousands of pounds more on their mortgage as lenders continue to put up rates and pull deals in the face of new interest rates announced by the Bank of England today.
Those who want to fix their payments are also suffering as a typical two-year fixed mortgage deal has hit 6% for the first time since last December, when mortgages soared to 6.65% after Liz Truss's infamous Mini-Budget before calming down slightly.
Interest rate rises spell bad news for property owners with a variable rate mortgage or tracker mortgage, as your rate will go up when the Bank of England base rate rises. If you are currently on a fixed-rate deal, you’re protected until your current deal ends, although it is estimated more than 800,000 homeowners still have to remortgage onto a much higher rate this year.
