Rising interest rates means people looking to remortgage their homes will pay an average £2,900 a year more from 2024. The Resolution Foundation predicts the average two-year fixed rate deal will hit 6.25% later this year, leaving the UK in a "mortgage crunch". They predict that around 800,000 will re-mortgage in 2024.
The typical rate rose to 5.98% on Friday, according to financial information service Moneyfacts, as more mortgage providers increased the cost of their home loans. They included 2 of the UK's biggest lenders, Nationwide and NatWest.
Households are living on empty – can social tariffs reduce the pressure?
Citizens Advice is reporting significantly more demand for debt advice than they have capacity to serve, with the first months of 2023 setting new records for the numbers of people coming to them for help. They are also reporting that 1 in 2 customers they are seeing has a deficit budget. The MaPS deficit budget consultation response is not due out until later this Summ...
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