Mortgage payments could rise by £1,380 a year as interest rates skyrocket | Personal Finance | Finance

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The mortgage expert acknowledged that this expense will have a detrimental effect on people getting onto the property ladder.

Ms Hewson added: “With thousands of pounds a year being added onto a typical mortgage, there will be some who are finding their home has become unaffordable.

“There are options people can consider, like extending the term of the mortgage, moving to interest-only or using an offset mortgage.

“It is important to remember that whilst these may cost more in the long term, they could provide a lifeline during the current cost-of-living crisis.”

Author: Dhanraj7978

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