Which? comments on mortgage rates causing financial difficulty for borrowers

Ele Clark, Which? Money Senior Editor, said: 

“With mortgage rates continuing to go up, and another likely base rate rise from the Bank of England later this week, mortgage holders who are approaching the end of their fixed rates – as well as those on tracker or standard variable rate mortgages – will understandably be concerned about their repayments. 

“The first thing these borrowers should do is talk to their lender about what support is available, which may include a temporary break from payments, interest-only payments or extending the term of your mortgage. The best option for you will depend on your personal circumstances, but rest assured that discussing options with your lender will not affect your credit rating.

“The Financial Conduct Authority previously wrote to banks to remind them of their obligations to serve customers, especially those experiencing financial difficulties, and the regulator must continue to monitor this to ensure firms are offering support that is tailored to individual customers’ needs.” 

-ENDS- 

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