More than two million households face increased mortgage payments following the latest Bank of England interest rate rise, which experts say could create more 'mortgage prisoners'
This amounts to an extra £1,080 a year, affecting an estimated one million households.
"Time is of the essence, though, as mortgage rates have been creeping up recently and are likely to carry on doing so," she told Sky News. Rachel Neale, lead campaigner for the UK Mortgage Prisoners group, said there are believed to be well over 200,000 Britons already in this situation. They had taken out their mortgage when they were self-employed and in a better financial position, and are now stuck paying 6.25% interest on the home they have lived in for 23 years.
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