Mortgage payments to rise by £1,380 annually due to ‘unaffordable’ interest rate hikes | Personal Finance | Finance

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For homeowners borrowing £250,000, a 0.5 percent rise means an extra £72 a month in costs.

Those with £400,000 of borrowing will see their mortgage payments increase to an extra £115 a month or £1,380 a year.

The latter figure is based on the current mortgage rate of 4.5 percent, on a repayment with a 25-year term.

The finance expert highlighted that the property market is becoming even more “unafforable” due to the constant rate hikes.

Author: Dhanraj7978

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