The Telegraph - Why your home is about to cost you £57,000 more
Fast-rising rates mean mortgage borrowers now face paying an extra £57,000 in interest over five years.
Figures in the Telegraph state that if the Bank Rate rises to 3pc in 2023, as forecast by Capital Economics, a consultancy, a borrower with a £400,000 mortgage will pay £86,000 in interest alone over the course of a five-year fix, according to analysis by Hamptons estate agents.
Aaron Strutt, of Trinity Financial mortgage brokers, told The Telegraph the rise in mortgage costs was “pretty brutal”. He said: “People have got used to cheap credit. Now there is a big market correction.” He added that average mortgage rates had already tripled from less than 1% to 3% in six months."
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