 A dad who is facing a £1,300 hike in his monthly mortgage payments because of spiralling interest rates has been told by the prime minister to 'talk to his bank'. Rishi Sunak has appeared on LBC Radio this morning to take calls from concerned listeners asking how he can help them amid the cost of living crisis. One caller explained that he is a married father-of-four in his early 30s with a family to support and has 'been encouraged to invest in bricks and mortar and become homeowners'. Jack, from Guildford, asked: 'But when my current two-year fixed rate expires at the end of this year, my new fixed rate will go up from £1,500 a month to £2,800 a month. 'As someone who works seven days a week and has paid into the tax system since I left school without claiming a penny back from it, why do I feel like I'm being unfairly punished and what can you do to help me?' While admitting he was 'incredibly sympathetic' about Jack's situation, which is being 'faced by many across the country', Mr Sunak effectively told him to ask the bank to deal with it. He told Jack: 'I know you will be anxious about what is going to happen to your mortgage when it comes up for repricing. And we're taking practical action that will help you and many others. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 'In the short-term, for you or anyone else, you should talk to your bank. What we've agreed is a mortgage charter with the lending industry. 'So you can talk to your bank and you can do a couple of things with them. You could extend the term of your mortgage by say five to 10 years – or you could switch to an interest only mortgage. 'It sounds like from your payments that you've got a particularly large mortgage – a typical payment for someone in the country is about £800 but that would go up to about £1,000 a month at the curre){kind=link}
NEWS… BUT NOT AS YOU KNOW IT
A dad who is facing a £1,300 hike in his monthly mortgage payments because of spiralling interest rates has been told by the prime minister to ‘talk to his bank’.
Rishi Sunak has appeared on LBC Radio this morning to take calls from concerned listeners asking how he can help them amid the cost of living crisis.
One caller explained that he is a married father-of-four in his early 30s with a family to support and has ‘been encouraged to invest in bricks and mortar and become homeowners’.
Jack, from Guildford, asked: ‘But when my current two-year fixed rate expires at the end of this year, my new fixed rate will go up from £1,500 a month to £2,800 a month.