Homeowners face paying hundreds of pounds per month more on their monthly mortgage payments as banks increase their fixed-rate deals following worse-than-expected inflation figures luciemheath reports
Five-year mortgage dealsas banks reacted to the latest Office for National Statistics figures showing inflation had only fallen to 8.7 per cent in the year to April.
His mortgage is currently £510 per month and he said he is “too scared” to look at what a new fixed rate deal will be. He recently received a letter from his bank that said his monthly repayments will double to £1,050 a month if he goes onto their variable rate. “I’m on Universal Credit and I just got [Personal Independence Payment] now but between them they don’t even cover what I used to make, never mind what my wife used to make,” he said.
Pete Kennedy, a financial advisor living in Stockport, is due to come out of his five-year fixed rate deal next month.
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