Mortgage anxiety remains as interest rates held
The charity behind National Debtline has today responded to the Bank of England’s Monetary Policy Committee’s decision to maintain the base rate at 5.25 per cent.
Posted September 21, 2023
National Debtline research shows that almost one in five (17%) of mortgage holders – equivalent to 2.2 million people – are already struggling to afford higher monthly payments as a result of rising interest rates.
David Cheadle, acting chief executive at the Money Advice Trust, the charity that runs National Debtline said:
“Today’s interest rate decision may come as a small relief, but it will do little to quell the anxiety for people who are already behind with their mortgage – and the many more worried about higher repayments in the future.
“As mortgage payers roll off fixed-rate deals over the coming months, we can sadly expect many more shocks to household budgets. And renters are far from immune from the effects of higher rates, as many landlords pass these higher costs onto their tenants.
“Anyone worried about their mortgage should reach out to their lender. You may be surprised at what they can do to help.
“And no-one needs to go through this alone – whether you are worried about paying your mortgage, rent, credit cards or other bills, you can always seek free, independent advice from National Debtline.”
National Debtline provides free, independent, expert advice. Contact us on 0808 808 4000 or via www.nationaldebtline.org.
