Posted 1/5/2024, 2:31:00 AM
UK Homeowners Brace for Financial Hardship as Mortgage Rates Surge
- Many UK homeowners face much higher mortgage payments when their fixed rate deals expire, causing financial distress
- A teacher named Jodi fears her payments will jump from £1,400 to £2,100 per month when her deal expires
- Over half of UK mortgages have already moved to higher rates since 2021, impacting millions
- Some like Nina have had to renew at rates around 5.5%, drastically increasing their payments
- Others like Amy and Matthew say higher rates make goals like having children or saving for retirement near impossible