UK mortgages set to increase

Recent news bulletins confirming that the UK has slipped back into recession is unwelcome news for countless cash-strapped families struggling to balance the books each month.

Recently published research from consumer experts Which? Explains that more than a million UK property owners will be hit with higher mortgage payments as lenders increase the interest rates on their variable mortgage products.

More than two thirds of those questioned voiced their concern regarding the prospect of interest rate rises and three quarters said they would need to cut back on other spending if their payments increased, worringly more than ten per cent felt they would not have enough money each month for the essentials.

The experts At Which? advised any homeowner struggling to cope with their mortgage payments to contact their lender to request an alternative payment plan and the financial industry are urged to make UK mortgages more flexible in the current climate.