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Mortgage payments rise by over £2.5k a year for more than 300k Scots households

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Another 200,000 homeowners on fixed rates could also be heading for increases by the end of next year.

Mortgage payments have risen by an average of £2,500 for more than 300,000 Scots households in nearly two years, according to reports.

Some 129,000 households have already had their mortgages increase in line with Bank of England interest rates. This includes those on standard variable rate mortgages and tracker loans. More are likely to be hit as estimates predicted that 200,000 are to see their fixed rate deals end between now and the end of 2024.The Bank of England has been increasing interest rates since December 2021 in an attempt to control inflation. After 14 rises in a row, the rates were held at 5.25 per cent last week.

"We recognise many homeowners are struggling with interest rates, and our Home Owners Support Fund offers support to low-income households at risk of falling behind on their mortgages and facing repossession or eviction.

Source: Loan Digest (loandigest.net)

 

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