The Bank of England warned of this Interest charges could see a sharp rise after the government announced its mini-budget on Monday, meaning mortgages could rise for millions of people.
It is reported that economists expect Interest charges more than doubled to 5.8% by April, with the current level at 2.25%.
As a result, some lenders have put a temporary freeze on it mortgage offers for new customers due to the forecast interest rate increases again.
Santander and the Yorkshire Building Society are just two examples of lenders that have done this, pioneered by one depreciation of the pound.
Earlier forecasts had suggested interest rates would rise to 4% by May, but now it’s up significantly.
CONTINUE READING – UK Interest Rates: What Could My Interest Rate Get?
How much could my mortgage go up?
Interest charges The surge could affect two million people in tracker and variable rate deals and will likely receive an immediate increase in their monthly payments.
The 2.25% increase would mean those with typical tracker mortgages pay around £49 more a month. Those with Standard Adjustable Rate Mortgages face a £31 jump.
This follows increases made during recent rate hikes compared to before December 2021, when tracker mortgage customers were paying around £216 more a month and variable rate mortgage holders around £163 more.
https://www.theargus.co.uk/news/22791061.much-mortgage-go-amid-potential-interest-rate-rise/?ref=rss How much could my mortgage go up if interest rates went up?