What You Need to Know
Almost half a million homeowners in the UK are about to face a major increase in their mortgage payments. As fixed-rate home loans come to an end, households could see an extra £460 per month added to their £200,000 loan.
Why is this Happening?
Two years ago, typical interest rates were at 1.29 percent. However, the Bank of England has since raised its base borrowing level 14 times in an effort to curb inflation.
How Many Households are Affected?
An analysis by household money-saving app Nous.co has revealed that around 460,000 UK households will be hit by this mortgage hike.
Expert Advice
Greg Marsh, CEO of Nous.co, advises homeowners to seek guidance from a mortgage advisor to ensure they find the right loan for their circumstances.
Real Life Impact
Intensive care doctor Rosie Kalsi, 46, and her husband Josh Dhaliwal, 50, face a staggering increase of £1,500 per month in their repayments, bringing their total to £4,500. Josh expresses concern about the rising energy bills, food prices, and fuel costs, and admits to feeling overwhelmed.
Remember, if your fixed-rate deal is ending soon, it's important to be prepared and explore your options to secure the best possible loan for your situation.
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