Sunak’s mortgage payment warning

Fresh warnings from the Government are emerging - with Chancellor Rishi Sunak reportedly telling the cabinet that “interest rates could rise to 2.5%” - and those currently not locked into a deal, “could see their payments increase by over £2,000”, compared to what they could be currently paying if protected by a fixed rate mortgage.

The Chancellor has said that “the financial markets have already priced in this increase”, however not everyone is certain, nor confident, and suspect rates could in fact increase further.

Speaking to Mumsnet earlier this week, Sunak outlined how he was “reluctant to borrow more to fund public spending”, referencing further inflation rises would follow, which would only trigger further rate rises.

Sunak also passed comment on the Governments own borrowing and how its own interest bill is “ticking up” - so borrowing more would only impact the UK population further down the line.

If there’s one thing that is certain, it’s anyone currently not tied into a deal really does need to invest their time in finding their paperwork and discussing what they do next to protect themselves against any further increases in interest rates.

If you are one of these people - what are you waiting for?

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