[England] “Mortgage crisis to wipe out savings of 1.2 [MILLION] households as repayments set to surge”
June 23, 2023
“The mortgage crisis will wipe out the savings of 1.2m families this year and push many into insolvency, economists have warned. Households having to remortgage face their bills rising by nearly 50pc, according to the National Institute of Economic and Social Research (NIESR).
This will push the total number of families with no savings to 7.8 million, equivalent to 28pc of all households. The warning comes after the Bank of England on Thursday took analysts by surprise when it raised its base rate by 0.5 percentage points to 5pc…”
https://finance.yahoo.com/news/mortgage-crisis-wipe-savings-1-175129923.html