Desperate Scots are flocking to an advice website for information on their mortgage payments during the cost of living crisis. Citizens Advice Scotland said there had been a 223 per cent increase in use of their mortgage calculator to work out monthly bills.
Rising interest rates are putting massive pressure on family budgets already battered by high inflation and stagnant wages. Householders on variable rates have seen their payments shoot up due to a string of Bank of England base rate increases.
Around 1.8million fixed-rate mortgage deals across the UK are scheduled to end in 2023, which experts predict will see bills going up by thousands of pounds. Average two and five-year fixed-rate mortgages breached 6 per cent in the autumn - a huge increase compared to a year ago.
