Mortgage repayments could rise by £312 a year after Bank of England interest rate rise | Personal Finance | Finance

Alastair Douglas, CEO of TotallyMoney, shared what those struggling with their repayments can do to relieve the financial pressure of rising costs.

He explained: “The Bank of England’s rampage on interest rates has pushed people’s finances to the limit, and an estimated 356,000 mortgage borrowers are expected to be facing repayment difficulties by the end of June next year.

“While it’s past its peak, inflation remains at sky-high levels. Four in ten households are spending less on food shopping and essentials, and they’ll be in for a fresh shock next month when suppliers hike to water, council tax and telecom bills among others.

“If you’re having difficulties keeping up with mortgage repayments, get in touch with your lender as soon as possible.”