Heavy showers and thunderstorms are expected to hit parts of the UK and Greater Manchester over the weekend. The Met Office has issued a yellow warning for Greater Manchester, for Friday, Saturday and Sunday.
‘How are people meant to live? My mortgage has gone up by £500 a month'
25.06.2023 - 16:35 / manchestereveningnews.co.uk
Mortgage holders across the country are facing increased pressures amid the cost of living crisis after interest rates have now hit a new 15-year high. As the Bank of England decided to raise interest rates by 0.5 percent on Thursday (June 22), this has now put the base rate up to five percent - which is bad news for homeowners.
Those who are coming to the end of their fixed-rate deal, or who have a variable rate mortgage, are now being hit incredibly hard by higher interest rates which have a direct affect on their monthly mortgage repayments.
According to online comparison site Money Expert, around 700,000 fixed-rate mortgages are coming to an end in the second half of 2023, with many homeowners coming off a deal that was significantly cheaper after buying their house when rates were much lower.
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Leanne Kearey, 33, is just one of hundreds of thousands of homeowners whose mortgage repayments have become unaffordable due to increased rates.
After buying her semi-detached house in Chadderton, Oldham in 2019, the mum-of-one, who lives with her husband and young daughter, has now seen her mortgage repayments go up by a whopping £480 per month.
As her fixed term ended, Leanne was forced to look around and secure a new two-year fixed deal - which has hiked her monthly payments up from £1,120 to £1,600 a month.
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"We were mortified when we found out, it's horrific - how are people meant to live? With gas and electricity rates rising constantly too, and the cost of living at an all time high. Something's got to give," Leanne told the Manchester Evening News.
"We’re fortunate that we both
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