Searches for ‘Mortgage help’ have exploded by 1,366% in the past seven days alone, while searches for ‘Mortgage support’ have seen a 213% increase in the past 30 days, according to mortgage broker L&C Mortgages.
The broker suggested that “Brits seemingly feel lost and want support amid the mortgage chaos”, following numerous announcements from the Bank of England over the increased base rate. Experts predict that the base rate, which currently stands at 5%, will rise again tomorrow.
The data reveals searches for ‘How to afford mortgage’ have exploded by 324% in the past five years and ‘Remortgage’ by 106% in the past 30 days.
Searches for ‘When will interest rates go down’ have seen a 487% increase, and ‘When will mortgage rates go down’ a 268% increase, in the past 12 months.
UK fixed rate mortgage costs have now soared to a new seven-month high. According to Moneyfacts, the average two-year fixed residential mortgage has risen to 6.66%, the highest level since the 2008 financial crisis.
Figures released by the Bank of England show that almost a million borrowers can expect their mortgage payments to increase by up to £500 a month by 2026, the equivalent of almost a week’s worth of pay for the average employee.
The financial pressure has also had a huge impact on renters as buy-to-let landlords pass on the effect of higher mortgage repayments. Google searches for ‘Rent increase’ in the UK have soared by 235% over the past five years.
A spokesperson from L&C Mortgages said:
“The past few weeks have seen the rising mortgage payments and high-interest rates make front page news, with these increases pressuring the finances of millions of borrowers in Britain, triggering a surge of uncertainty about where interest rates will go next.
“However, the latest news has now caused a surge of online interest in those looking to get more information and help on mortgages, interest rates and rent, highlighting the massive impact of the cost-of-living crisis on the British public. There are still plenty of deals available for borrowers looking to switch, but remortgaging a home is a decision that should be made with thorough research and help.”
