The Bank of England has held the Bank Rate at 5.25 percent since August 2023. While many mortgage lenders have continued to cut rates as a consequence, which is great news for homeowners, rates remain significantly higher than the historic lows of a few years ago
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Thousands of people are expected to skip mortgage payments as a result of a lethal combination of rising interest rates, constrained earnings, and job losses.
According to UK Finance, between October and December of last year, there were 93,680 homeowner mortgages in arrears of 2.5 percent or more, a 7% rise over the same time the previous year.
The bank rate has most certainly peaked and is expected to fall later this year, but many of homeowners who have refinanced will still face significant increases in their monthly payments.
Use our calculator to see if recent interest rate increases have put you at risk of skipping mortgage payments.
