UK mortgage prices are expected to rise to highest rates since the financial crisis.
New forecasts from the government’s independent forecasting unit suggest that inflation for property owners could soar by 13% in 2023.
This will be the biggest jump for mortgage interest payments since 2008.
Laura Suter, head of personal finance at AJ Bell, said: “Someone with £250,000 of borrowing who fixed earlier this year and renewed in 2023 would see £600 a year added to their mortgage costs, while someone with £450,000 of borrowing would see their costs hike by £1,068 a year.”
