We want to hear from you as mortgage rates are expected to rise.
A typical two-year fixed mortgage deal now has an interest rate of over 6%. Today, the average mortgage rate for such a deal reached 6.01%
The BBC reported recent high inflation and strong pay growth figures means interest rates are set to rise by more than expected, leading to a rise in borrowing costs. Mortgage lenders have been increasing rates and cancelling deals in recent months.
Many people are now preparing to pay hundreds more a month for their mortgage, however for some this will be unsustainable particularly as the cost of living crisis continues to threaten peoples' financial security.
READ MORE: All the DWP cost of living payment and benefit dates for July
How will you be affected by the rising mortgage rates? Tell us in the comments or via email at remy.greasley@reachplc.com.
Prime Minister Rishi Sunak ruled out extra help for UK homeowners struggling to pay rising mortgage costs, saying the government should 'stick to the plan' to halve inflation as it tries to tackle the cost of living crisis.
The Mirror reports that costs could rise by an average of £2,900 for 800,000 people across the country.
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