Mortgage brokers are urging homeowners to review their loan terms and see if they could avoid a potentially ‘devastating’ rate rise that has been forecast as a worst-case scenario for 2023.
Mortgage payments could increase by hundreds of pounds a month if the Bank of England’s base rate was to rise, as the Office for Budget Responsibility forecast ahead of Wednesday’s Budget.
The base rate is set to rise from its current record low of 0.1 per cent in the