Morgan Wild, Head of Policy at Citizens Advice, said: “Right now, people are facing a double whammy of soaring interest rates and sky-high inflation.
“Those on expiring fixed-rate mortgages could face hikes of hundreds of pounds to their monthly payments. And people on variable rates will already be seeing their costs go up.
“This comes on top of other pressures like energy bills going through the roof and the food shop not stretching as far.
“At this critical time, banks must show understanding to anyone struggling with repayments. People might be worried to ask for help so it’s essential lenders proactively reach out to offer support.”
Background information
- Research published by Citizens Advice shows that 1 in 4 mortgage holders couldn’t afford to see mortgage payments rise by £100 a month
- Almost half (45%) would be unable to afford an increase of £250 a month