We’re interested to hear from homeowners in the UK who are stuck on mortgage deals with variable rates.
Recent back-to-back interest rate rises mean that repayments on these deals are rising each month.
With the Bank of England’s base rate now expected to rise to 6.5% in February next year in some quarters, and some economists having even warned raising them to 7% may be considered necessary to tackle stubbornly high inflation, there looks to be more pain to come.
Much of the attention has been on those coming off low-cost fixed-rate mortgages and moving on to more expensive deals. But some borrowers are unable to do that, and are paying even higher standard variable rates (SVRs).
