Posted August 3, 2023
The Money Advice Trust, which runs National Debtline and Business Debtline, has responded to the Bank of England’s Monetary Policy Committee’s decision to increase interest rates to 5.25 percent, a rise of 0.25 percentage points.
Findings from a recent briefing by the Money Advice Trust show the impact high costs have already had on households. Based on a series of UK wide polls, the charity, which runs National Debtline and Business Debtline, found that a quarter of UK mortgage holders worry about money every day.
Jane Tully, director of external affairs and partnerships at the Money Advice Trust, said:
“With interest rates at a 15-year high, the impact will be felt heavily for homeowners whose current mortgage terms are soon to end and people on variable rates. Prices remain stubbornly high across the board, and today’s news will add to the worries of many households, particularly people already behind on repayments.
“Higher interest rates are also often passed onto tenants, adding to the anxiety for millions of people with strained budgets living in rented accommodation.
“For anyone worried about their mortgage, reach out to your lender. There is a wide range of support they may be able to offer if you are struggling with your repayments.
"You can also seek free, independent advice from National Debtline – our advisers are on hand to help.”
National Debtline provides free, independent advice. Contact us on 0808 808 4000 or via www.nationaldebtline.org.