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Shock rate hike to knock 2m homeowners

Shock rate hike to knock 2m homeowners

Oct 3rd 2022

For immediate release

TotallyMoney, the credit app which helps everyone move their finances forward, and Moneycomms calculate the impact of the MPC’s interest rate hike on the 2.2m* homeowners without a fixed rate mortgage deal.


Tables outlining the costs can be viewed and downloaded via the link below. 

Alastair Douglas, CEO of TotallyMoney comments:

“Government tax cuts forcing action from the Bank of England suggests there’s a lack of direction from the top — but when it comes to interest rates, the only way is up.


“October will go down as one of the most difficult months of the year for many. A new, even higher energy price cap kicks in just as we move into the cold winter months, followed by a shock interest rate hike from the Bank of England which will send shivers down the spines of over two million homeowners.


“A further three million will be worried about what’ll happen when their current deal comes to an end in the next two years. With lenders pulling hundreds of products off the market following the ‘mini’ budget, many face being stuck on the standard variable rate and subject to the decisions of the Monetary Policy Committee.


“While much of this is out of people’s control, TotallyMoney’s free app puts customers in control of their own data so they can track, manage, protect and improve their finances. Lenders will usually refer to a customer's credit report during the mortgage application process, so it’s worth making sure yours is in a good place as the best deals will be reserved for those with the best scores”.


Andrew Hagger, Personal Finance Expert, Moneycomms.co.uk said:

“This unscheduled move by the MPC to shore up the currency markets will come at a huge financial cost to mortgage borrowers and send shudders through the wider housing market.”


“Desperate times call for desperate measures, but this ad hoc rate hike is going to cause immense financial pain to many consumers across the UK."


Sources:

* FCA 


For more information, please contact the press team

About TotallyMoney

With a focus on the one in three UK adults financially under-served by the financial services industry, TotallyMoney is the credit app on a mission to help everyone move their finances forward.

TotallyMoney believes people’s financial data should work for them, and not against them and with more than four million customers, they provide the UK’s only free, live credit score and report.

Its service helps customers understand their financial position and provides personalised recommendations so they can start creating financial momentum. TotallyMoney also works closely with leading lenders, to ensure eligible customers are matched with the right products, underpinned by its robust data, product and tech capabilities.

TotallyMoney is regulated by the Financial Conduct Authority (FCA).

We're on a mission to help everyone move their finances forward and gain financial momentum.


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