If you are struggling to pay your mortgage bills as interest rates rise rapidly, our guide explains what you can do.
Mortgage rates have spiralled over the past month on the expectation that the Bank of England may have to push base rate all the way to 6 per cent to combat inflation.
But even before this rise, both fixed and variable rate mortgage costs were far higher than they have been in recent years.
This has come as interest
Mortgage rates are starting to edge up for many borrowers following a rise in the Bank of England’s base rate.
Lenders were already increasing rates slightly ahead of the decision, with the latest Moneyfacts data from early December showing that the average two- and five-year fixed rates have both increased, each rising by 0.05 per cent to 2.34 per cent and 2.64 per cent respectively.
But following the Bank’s decision to raise the base rate from 0.1 per cent to
