Reaction to mortgage rate increases

In reaction to mortgage rate increases, a Which? Spokesperson said:

“At a time when people’s household budgets are already squeezed, providers increasing the standard variable rate on mortgages will pile the pressure on thousands who have been relying on low base rates to keep their homes affordable. Borrowers will be hit hard but lenders in an uncompetitive market know many people have no means to escape these rate hikes. People have effectively become mortgage prisoners because they are unable to move to another provider.”

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