Sam Richardson, Deputy Editor of Which? Money, said: "Households with fixed-rate mortgages due to expire this year are in for a financial shock after rates skyrocketed over the past few months. We're concerned this sharp rise in repayments could push even more people over a financial cliff as our research shows nearly two million households missed vital payments such as mortgages last month. "Housing costs could also become unaffordable for an increasing number of renters with rents soaring at record speed, as landlords react to rising mortgage rates. "Anyone at risk of missing payments should speak to their lender or landlord. Banks and building societies should help their mortgage customers. If you're behind on your rent, it's important to access the support out there." ENDSNotes 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.
- - Which?, January 2023
- - Which?
