Mortgage-holders say they worry they 'simply won't have any more money'

, amid soaring interest rates. Figures from Moneyfactscompare.co.uk showed the average two-year fixed-rate residential mortgage rate on the market jumped to 6.07% on Tuesday, from 6.01% on Monday.

He added that he appreciates he is in a “fortunate position because of my income and in terms of the house” he bought with his wife, but increasing interest rates are worrying: “It’s going to get to a point where we just simply won’t have any more money and that’s a very concerning place to be.” Merchandiser Lisa Petty told the PA news agency that her flat in east London has Grenfell-style ACM cladding and because the building is under 11m, she is classed as a “non-qualifying leaseholder” and doesn’t qualify for any government funding, meaning she would have to pay £21,000 to remove it. In October 2020, she said an external walls fire risk assessment was conducted, with the results leading to the conclusion that “I can’t remortgage to another provider”.

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