Press statement

Increased mortgage rates leave households facing a financial cliff-edge, Which? warns

1 min read
Press Team

Sam Richardson, Deputy Editor of Which? Money, said:

"Our research has shown significant numbers of people missing vital payments such as mortgages in the past year as the cost of living crisis bites, and this is set to get worse as many households face a financial cliff-edge when they come to remortgage at higher rates.

"If you think you won't be able to make your mortgage payment, get advice from your lender as soon as possible. Banks and building societies should be willing and able to offer support measures.

"It's important to act if your debts are threatening to spiral out of control. Anyone with credit card debt can think about switching their balance to a 0%-balance-transfer deal - the best deals currently offer up to 34 months interest-free. Consumers can also cut costs on a personal loan by swapping it to a provider that charges a lower rate of interest."

ENDS

Notes to editors

  • If you're struggling to pay your mortgage bills, talk to your lender as they can help you get your payments back on track.
  • Support measures they could offer include a temporary payment holiday, lengthening the term of your mortgage to cut your monthly instalments or switching you temporarily to interest-only repayments.
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