Around 5 million households have seen their mortgage interest rate change since the Bank of England base rate started to rise in late 2021. Over the course of the 2023 alone, the base rate increased from 3.5% to 5.25% , surpassing economists’ expectations and pushing mortgage rates to the highest levels since 2008. For some people, repayments have increased by hundreds of pounds overnight. Many people facing increased monthly mortgage payments were already managing stretched budgets due to the rising cost of living. Inflation for households with mortgages is estimated to be the highest for any socio-economic group . Some households…
