Mortgage Mayhem: 100,000 UK Households Face £240-a-Month Hike Before July
Households are feeling the pinch as mortgage rates continue to rise
Over 40,000 Oxfordshire households were forced to re-mortgage last year, with households in Cherwell being the worst affected, according to new research conducted by the House of Commons Library. The research revealed that these households will see an average additional hit of £237 every month.
“Spiralling mortgage rates have been pushing families’ already stretched budgets to the brink.” - Layla Moran, Parliamentary Candidate for Oxford West and Abingdon
In response to this, Conservative candidate for West Oxfordshire and Abingdon Vinay Raniga said: “The last few years have not been easy. We have faced the legacy of COVID-19 and global instability with the war in Ukraine and the Middle East - these challenges have made life tough for people in Oxfordshire and across the UK.”
Mortgage rates are on the rise, leaving many households struggling to make ends meet
Meanwhile, Danske Bank UK has amended its affordability calculation for mortgage customers to improve borrowing power. The changes include a reduced energy bill assumption when calculating the income and outgoings of a borrower purchasing a home with an EPC rating of A to C. This will enable the lender to offer larger loans to these borrowers.
In other news, Vistry East Anglia has joined forces with Own New to offer lower mortgage rates for home buyers. The scheme, which is available at Vistry Group locations across the Peterborough area and Cambridgeshire, enables home buyers to access lower mortgage rates as low as 3.14% from participating lenders over an initial fixed term.
New-build home buyers can now access lower mortgage rates thanks to a new scheme
As the cost of living continues to rise, it’s clear that many households are facing a mortgage nightmare. With the general election looming, it remains to be seen how the government will address this issue.
The general election is just around the corner, but will the government take action on mortgage rates?
