Mortgage payments to surge for 1.4m homeowners - with £300k homes costing up to £660 more

📈 More than 1.4 million households are facing the prospect of interest rises when they renew their fixed-rate mortgages this year 📈 It could see monthly payments on a £300,000 property increase by as much as £661, according to the ONS

Assuming the same increase on a £300,000 mortgage, monthly repayments would rise by £661, from £1,272 to £1,933, it said.

Mortgage rates spiked last autumn in the aftermath of Liz Truss and Kwasi Kwarteng’s disastrous mini-Budget, but have since started to settle. Lenders have a duty of care towards their customers and have to be seen helping them when in financial distress Private renters are also facing an increase in their housing costs, with rental price growth at its highest rate in the UK since records began in 2016, the ONS said.

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