Millions of people in the UK can expect to be £624 worse off, on average, as the direct result of interest rates reaching a fourteen-year high.
The Bank of England has confirmed interest rates will rise again, from 3.5% to 4%. This means the average mortgage holder will see their payments go up by £52 a month, or £624 a year, if they're not on a fixed deal, according to TotallyMoney.
About 6.3m UK mortgages however, three-quarters of the total, are fixed-rate loans, the Guardian reports.
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But while these borrowers are insulated until their deals expire, for many that will be soon with around 52,000 due to expire in February and March.
Helen Morrissey, senior analyst at Hargreaves Lansdown told the ECHO: "This interest rate hike piles further pressure on people who are already struggling to make ends meet due to surging living costs. Interest rates now stand at 4%, the highest seen since October 2008.
"There are some positives on the horizon, inflation is coming down, albeit extremely slowly and many believe interest rates will peak at 4.5% later this year before falling back. However, this is no comfort for those who are already struggling and the prospect of further hikes on the horizon will leave people extremely worried about how they will cope in the coming months.”
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