Thousands trapped on pricey deals as other household costs rise worry about paying bills
The era of ultra-cheap mortgages is apparently nearing an end as lenders pull their lowest-cost deals in preparation for an increase in the Bank of England base rate. But for thousands of borrowers it never started. More than a decade on from the financial crisis, these homeowners remain trapped paying interest rates well above the average and unable to move to a cheaper deal.
With predictions of a rise in the base rate before the winter is out, and increases in other living costs, many of these households – known as mortgage prisoners – are becoming anxious about how they will meet their monthly bills.
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