For most of us, the biggest monthly expense is housing. Whether rent or mortgage payments, any change in how much the roof over our heads costs has a major effect on the rest of our budget – all while a cost of living crisis sends the price of necessities skyward. And this summer, as the Bank of England forecast a £500-a-month hike in mortgage repayments, a tsunami of fear is heading for people trying to pay off their homes.
The average two-year fixed mortgage rate in the UK has hit a 15-year high