Charity warns that interest rate rise is last straw for many financially vulnerable homeowners

National poverty charity Turn2us has warned that a huge number of people will not be able to pay their increased monthly mortgage payment as a result of today’s interest rate rise.

The charity says that over 100,000 people with mortgages have sought its help in the last year as they have been unable to make ends meet. It says that they were trying to find out if there were any welfare benefits that they were entitled to and charitable grants that could help them cope financially.

Commenting on the interest rate rise, Simon Hopkins, Chief Executive of Turn2us, said:

“With so many people with mortgages already seeking our help, it highlights how financially vulnerable many homeowners are.

“Many people with a mortgage are already on the brink and this could be the last straw for those who are only just coping.

“It is therefore crucial that anyone in this situation seeks help immediately to check that they are receiving all of the help that they are entitled to and eligible for.”