There has been further gloom for homeowners and renters this week as the Bank of England is expected to raise interest rates for a thirteenth consecutive time on Thursday. Rishi Sunak has ruled out Treasury support for mortgage holders, insisting instead that the government will “stick to the plan” in briging inflation down.
Banks recently reacted to signs of stubborn inflation by pulling mortgage deals and raising rates, while polling suggested nearly half of borrowers fear they will struggle with their housing re-payments within 12 months.
