‘Everyone is on edge’: mortgage prisoners fear UK interest rate rise
The era of ultra-cheap mortgages is apparently nearing an end as lenders pull their lowest-cost deals in preparation for an increase in the Bank of England base rate. But for thousands of borrowers it never started. More than a decade on from the financial crisis, these homeowners remain trapped paying interest rates well above the average and unable to move to a cheaper deal.
With predictions of a rise in the base rate before the winter is out, and increases in other living costs, many of these households – known as mortgage prisoners – are becoming anxious about how they will meet their monthly bills.
“Everyone is extremely on edge about the rate rise,” says Rachel Neale of the campaign group UK Mortgage Prisoners. “These people are already
Read more on theguardian.com
