General update
The interest rate rise by 0.75% to 3% was not unexpected, but will result in many mortgage holders being worried about what this means to them in 2023 and beyond. StepChange has commented on this and Karl Handscomb, Senior Economist from the Resolution Foundation, painted a fairly gloomy picture for the next couple of years at the MALG Conference as part of an interesting keynote alongside the FCA. At present, around 15% of mortgage holders that seek help from StepChange are in arrears on their mortgage at the time they seek advice. StepChange has warned that the knock-on effect of higher mortgage costs means that, even if people manage to keep up on their mortgage, there is a higher risk that they won’t be able to maintain their other financial commitments and pay other bills. This will be a key part of horizon scans for new debt advice sessions and at the time of reviews, along with the energy cost projections and other factors outside of the direct control of cons...
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