Thousands of London households are being hit with a fresh property squeeze as lenders hike interest rates again.
Now, according to financial data firm Moneyfacts, the average two-year fixed-rate mortgage deal costs £35 more per month than it did a couple of weeks ago, following successive Bank of England base rate rises.
It comes after TSB withdrew its ten-year fixed-rate over weekend, while Coventry Building Society is set to increase its two, three and five-year deals.
Meanwhile, a record fifth of first-time buyers signed up to 35-year mortgages and will be paying off property debt past retirement and into their 70s.
The hikes are being fuelled by inflation figures stuck stubbornly at 8.7 per cent.
At the same time, campaigners fear “no-fault” evictions could keeping rising and fuel homelessness, despite an impending government ban on the practice.
Ministry of Justice figures show no-fault eviction claims rose 15.8 per cent compared to 2022.
To find out what more financial pain Britons must endure if interest rates go even higher, the Leader podcast’s joined by Dr Jeevun Sandher, who’s head of economics at the New Economics Foundation and Labour prospective parliamentary candidate for Loughborough.
Listen above, and find us on your Spotify Daily Drive or wherever you stream your podcasts.
