It's also worth remembering that moving to interest-only or extending a term will ultimately increase the total amount someone pays over the life of the mortgage.
Likewise, with interest rates forecast to stay high for several years, a 12-month pause on repossessions is welcome news for now - but in the long term, could it just postpone the inevitable for many? With mortgage rates heavily influencing rents there's also the question of what happens to those who don't own their home and the ballooning costs they have been dealing with in an increasingly overheating rental market., which may be using cookies and other technologies. To show you this content, we need your permission to use cookies. You can use the buttons below to amend your preferences to enablecookies or to allow those cookies just once.