'Risky' for government to intervene as mortgage costs surge, ex-Bank of England deputy warns

A recent report predicted that average repayments will go up by almost £3,000 next year, and banks are pulling mortgage products from the market as interest rates are expected to near 6% in 2024.

Homeowners warned of mortgage pain

The uncertainty has led to TSB pulling all its 10-year fixed-rate deals from the market - and Santander withdrew its offers for new borrowers this week. He said he was"concerned of course", saying the government's target of getting inflation down would allow the bank to reduce interest rates.

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