|
Mortgage bills hit £1,000 mark
The average monthly mortgage repayment in the UK has surpassed £1,000 for the first time, reaching £1,002.27 in August, up from under £950 a year ago and £680 five years ago. Despite the Bank of England cutting its base rate from 5.25% to 4% over the past year, homeowners face higher bills as pandemic-era cheap fixed-rate loans expire. New mortgages averaged 4.28% in July, more than double the 1.72% rate in July 2020, highlighting the pressure on family finances and the ongoing impact of previous rate hikes even as policymakers assess the effects of recent cuts.
|
