Around three million UK households may see mortgage repayment increases, with 400,000 possibly facing hikes over 50%, due to rising borrowing costs.
UK lenders are ready to assist households and businesses despite economic uncertainties, as interest rates remain at a 16-year high.
A shift towards longer mortgage terms to lower monthly payments might lead to increased debt in the long run for many households.
Higher mortgage rates have resulted in a decrease in savings for many households and renters, with rising rent costs adding financial pressure.
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