 is likely to raise interest rates by 0.75 percentage points to 3% at the meeting on Thursday. Families who own homes are in for a difficult winter as mortgages come up for renewal (stock photos) ( Getty Images/iStockphoto) It will be the eighth consecutive jump in interest rates by the Bank but will represent the biggest increase since 1989. It is estimated 1.8 million people will have to re-mortgage in 2023, meaning they will be stung by the higher interest rates. Shadow chancellor Miss Reeves last night said: 'The Conservatives crashed the economy and mortgage rates were pushed sky high as a result. 'Next month's mortgage costs are eye-wateringly more expensive for so many hardworking families, leaving them worried sick and cutting back. The Tories' choices are devastating family finances, risking repossessions, and turning people's dreams into nightmares. An estate agent giving house keys to a homebuyer (file photo) ( Getty){kind=link}
The cost of a two-year fixed-rate mortgage has rocketed to 6.48% – meaning those who borrow about £200,000 will spend £6,698 more than they would’ve a year ago
Families face eye-watering mortgage hikes of £6,700 a year as a result of the Tories crashing the economy, new analysis reveals.
Interest rates have soared after the government attempted to slash taxes for the richest in the disastrous mini-Budget.
Labour ‘s Rachel Reeves last night warned the Tories are “turning people’s dreams into nightmares” as they struggle to hold on to their homes.
The cost of a two-year fixed-rate mortgage has rocketed to 6.48%, compared to just 1.6% last autumn.