'I'm a property expert - Brits could pay £3k more on mortgages in just months'
Monthly mortgage repayments are set to double for many of Britain's 1.8million homeowners who are due to refinance next year.
Mr Hill went on to explain how higher borrowing costs will likely encourage many of those with mortgages to put their properties on to the market, which wouldAs the country falls face first into a recession - with a demise in trade, business and transactions - a collapse in house prices will "hurt people a lot", he added.
But he stressed most homeowners are unlikely to end up in negative equity, when the value of a home is less than the price originally paid.
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