🔴 The Bank of England’s latest interest rate hike could lead to a further rise in home repossessions
The Bank of England’s latest interest rate hike could lead to a further rise in home repossessions as struggling households are forced to spend thousands of pounds more per year on their mortgages.
An analysis by the wealth management company Quilter shows there is often a correlation between the Bank of England’s interest rate and repossessions.Karen Noye, mortgage expert at Quilter, said: “Increases in the Bank of England’s base rate will make mortgages more unaffordable and if someone goes into arrears with their mortgage they run the real risk of their home being repossessed.”
Tracey Kreiger, 62, has seen the monthly payments on her interest only mortgage nearly double since she came off her fixed rate deal in November last year. “We’ve never missed a payment – nothing and we’re being completely penalised and it’s crazy, it’s difficult,” said Ms Kreiger. “Each increase you are having to find the extra money from somewhere in your budget but eventually there will nowhere to take from and I will need to sell.
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