Mortgage customers given 20 minutes to decide on renewal
They are expected to rise from 4.5% to 4.75%, although some have suggested they could reach as high as 5%.Mr Powell said: "You'd spend more time choosing a holiday than you would trying to choose whether this mortgage deal is best for you.
He said lenders would historically give two or three days' notice before pulling a deal, but recently many had been removed within hours. About 36,000 of these - 12% of all 291,000 fixed-term mortgages in Wales - are set to expire in the second half of this year.One of those is Nicholai Rider, 45, from Denbigh, who said if interest rates continued to rise his family faced either selling their home or going into debt to make ends meet.
"It feels like gambling. It really does. It's one of those things where no one can give you an answer because no one knows. It's a constant worry," he said.
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