Mortgages to go up by average of £2,900 a year for 800,000, says Resolution Foundation
News / Sat 17th Jun 2023 at 07:16am
RISING interest rates means people looking to remortgage their homes will pay an average £2,900 a year more from 2024, a think tank has said reports the BBC.
The Resolution Foundation predicts the average two-year fixed rate deal will hit 6.25% later this year, leaving the UK in a “mortgage crunch”.
Around 800,000 people are expected to remortgage next year, the group said.
Borrowers are already facing big increases after lenders hiked rates over the past fortnight.
The Bank of England is expected to raise interest rates again next week.
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https://www.bbc.co.uk/news/business-65925224
David Forman
2023-06-17 09:30:48
Mortgage rates are now returning towards their historic average rate. Those who thought the low interest rates brought about by the 2007/8 credit crunch and resulting quantitative easing would last forever were being conned. Sadly, many will discover that free market capitalism is not so friendly to ordinary workers.
Luke Burton
2023-06-17 20:24:41
And how much extra will renters have to pay? I'd imagine it'll be the same increase with an extra 10% on top for more profit.
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