More than TWO MILLION households face sharp rise in their mortgage repayments over next two years

Britain could be heading for a property price crash within the next two years, analysts have warned, as more than two million households face soaring mortgage costs that will see many forced to sell. 

Terrified homeowners have already begun putting their properties back on the market following seven interest rate rises this year, amid fears it could climb to 6 per cent in the first half of 2023.

Bank experts have already warned of mortgage chaos and a potential rate rise to 5.5 per cent by as early as November – as the International Monetary Fund slammed Kwasi Kwarteng over his ‘untargeted’ economic plan last week, which awarded £45billion in tax cuts that sent the pound plummeting.   

HSBC and Santander have suspended new mortgage deals amid fears that homeowners could be forced into selling their homes or take up a second job to combat ‘catastrophic’ rises in their monthly repayments.

Nationwide, meanwhile, became the first big name lender to hike its fixed-rate deals…

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Written by Bourbiza Mohamed

A technology enthusiast and a passionate writer in the field of information technology, cyber security, and blockchain

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