Source: Mortgage Introducer —
With another interest rate hike expected this week, a third of mortgage customers in the UK said that rising rates have made repayments unaffordable for them.
Commissioned by Butterfield Mortgages, an independent survey of 2,000 UK adults found that 33% of mortgage holders believe the interest rate hikes over the past year have made their mortgage repayments unaffordable. This figure rises to 48% among younger mortgage customers aged 18 to 34.
Since December 2021, the Bank of England (BoE) has made six consecutive hikes to interest rates, with the base rate rising from 0.1% to 1.75% in the past nine months. On Thursday, the BoE’s Monetary Policy Committee is expected to increase rates again, with experts forecasting a hike of 0.75 percentage points to 2.5%.