“Pain still to come” for many mortgage holders as interest rates held
National Debtline has responded to the Bank of England’s decision to hold interest rates at 5.25 percent.
Posted May 9, 2024
With an estimated 1.5 million households set to re-mortgage this year, the charity is warning that more mortgage holders are at risk of financial difficulty as they face a significant increase in monthly repayments.
Steve Vaid, chief executive at the Money Advice Trust, the charity that runs National Debtline, said:
“High interest rates have already added to the pressure many homeowners are under as they grapple with significantly steeper mortgage repayments.
“For the thousands of mortgage holders coming to the end of fixed rate deals this year, the pain is still to come.
“I would urge anyone struggling to get in touch with their lender who can offer support, more than many people may think.”
“And our advisers at National Debtline are here to help anyone worried about their finances. Our experts can go through all the options available.”
National Debtline provides free, independent, expert advice and can be contacted on 0808 808 4000 or via www.nationaldebtline.org
