Barely more than a year ago, interest rates were just 0.1 per cent. Following yesterday’s 50 basis points rise — the 10th hike in succession — they stand at four per cent. Still low by historical standards, but little comfort for homeowners preparing for skyrocketing repayments.
Londoners face an average rise of £5,000 a year on their mortgage payments, new figures reveal — as more than 200,000 homeowners are set to come off their fixed rate deals at what must feel like the worst possible time.
