Individuals and families will be facing great anxiety about mortgage costs, Which? says

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

"Rates have skyrocketed in recent weeks, adding further pressure to already stretched household finances. "Many people will be very anxious that they'll be unable to make their monthly payments. If you're struggling to pay your mortgage bills, talk to your lender about what support it could offer. This could include a temporary payment holiday, lengthening the term of your mortgage to cut your monthly instalments or switching you temporarily to interest-only repayments. "The market turmoil is particularly bad news for the thousands of homeowners whose fixed deals are coming to an end every day. If your deal ends in the next six months you may be able to lock in a new one now before rates rise further. "But think about your medium and long-term plans when you're looking for the right mortgage. Fixed-term deals usually come with early repayment fees, so you could be charged thousands of pounds if you move house and don't take your mortgage with you. "First-time buyers should carefully analyse what they can afford. Make sure you're buying for the longer term to give you a better chance of riding out any house price falls, don't overstretch yourself and take advice from a mortgage broker." ENDS