Two million people are at risk of falling behind on their mortgage payments if the Bank of England pushes interest rates up later this month, as is widely expected
Catherine Lafferty.
Experts warned that average monthly mortgage repayments, which hit more than £1,000 a month for the first time in February,The Bank of England’s Monetary Policy Committee pushed rates up to 4 per cent in February and is expected to put them up a further 0.5 per cent at its next meeting on March 23. “For anyone on a variable rate mortgage, a rise of any kind will be unwelcome – especially considering how their mortgage costs will have been getting harder to manage ever since the Bank of England started hiking rates well over a year ago.”
The labour market tightening alongside a hawkish Federal Reserve putting US interest rates up has increased expectations that the Bank will move to clamp down on inflationas employers may have to pay higher wages to attract and retain workers.
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