Buried deep in last week’s avalanche of Budget paperwork was a stark warning to the UK’s millions of 🏠homeowners with outstanding mortgages – be prepared for a big leap in mortgage costs.
Figures show the Office for Budget Responsibility – the public body responsible for ensuring independent ✔️economic forecasting and analysis of the public purse – expects the interest rate on UK mortgages to hit 14.8 per cent by the second quarter of 2023.
The Liberal Democrats have warned the rise is the biggest threat to homeowners since the 2008 financial crisis and could see families struggling to make ends meet with rising inflation, council tax hikes and mortgage costs all hitting at the same time.
