The Leader podcast: Interest rate hikes hit mortgage loans & rents

Lenders’ rate rises latest + rise in 35-year mortgages
Interest rate hikes hit mortgage loans & rents
PA Wire
WEST END FINAL

Get our award-winning daily news email featuring exclusive stories, opinion and expert analysis

I would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice.

Thousands of London households are being hit with a fresh property squeeze as lenders hike interest rates again.

Now, according to financial data firm Moneyfacts, the average two-year fixed-rate mortgage deal costs £35 more per month than it did a couple of weeks ago, following successive Bank of England base rate rises.

It comes after TSB withdrew its ten-year fixed-rate over weekend, while Coventry Building Society is set to increase its two, three and five-year deals.

Meanwhile, a record fifth of first-time buyers signed up to 35-year mortgages and will be paying off property debt past retirement and into their 70s.

The hikes are being fuelled by inflation figures stuck stubbornly at 8.7 per cent.

At the same time, campaigners fear “no-fault” evictions could keeping rising and fuel homelessness, despite an impending government ban on the practice.

Ministry of Justice figures show no-fault eviction claims rose 15.8 per cent compared to 2022.

To find out what more financial pain Britons must endure if interest rates go even higher, the Leader podcast’s joined by Dr Jeevun Sandher, who’s head of economics at the New Economics Foundation and Labour prospective parliamentary candidate for Loughborough.

Listen above, and find us on your Spotify Daily Drive or wherever you stream your podcasts.

Create a FREE account to continue reading

eros

Registration is a free and easy way to support our journalism.

Join our community where you can: comment on stories; sign up to newsletters; enter competitions and access content on our app.

Your email address

Must be at least 6 characters, include an upper and lower case character and a number

You must be at least 18 years old to create an account

* Required fields

Already have an account? SIGN IN

By clicking Create Account you confirm that your data has been entered correctly and you have read and agree to our Terms of use , Cookie policy and Privacy policy .

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in