Hannah McQueen: How to cope with the costs from increased mortgage interest rates

Half of mortgages are due to be refixed over the coming 12 months and many of those will be rolling onto much higher interest rates than where they are right now. 

While predictions last year were that interest rates would start easing towards the end of this year, it now looks like it won’t happen until mid-next year, if not later. And while the OCR hasn’t shifted since May, banks have continued increasing their interest rates, unnecessarily adding to the pressure. 

Yet despite all this —and the extensive media coverage that mortgage interest rates and the cost of living has been getting— people are still not prepared for what they’ll do when their mortgages come up for refixing, and how they’ll cope with this increase in cost. 

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