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Daily Mirror
Daily Mirror
Business
Levi Winchester

Mortgage mayhem explained: Why are rates rising and what should you do now?

Average mortgage rates are getting more expensive - fuelled by fears of further interest rate hikes from the Bank of England.

Increased rates spell more misery for homeowners across the country, with 2.6million expected to pay thousands of pounds extra annually by the end of next year.

Lenders are spooked after inflation was revealed to be higher than expected, after falling from 10.1% to 8.7% in the 12 months to June.

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