Stories

Sat, 07 Nov 2026

Sat, 07 Nov 2026 'My mortgage is going up £200': How rising interest rates are hitting people's pockets

With UK interest rates set to rise, mortgages, credit cards and loans could get more expensive for millions.

* Peter Gill, a small business owner with a variable rate mortgage, expects his monthly repayments to increase by around £45 following the Bank of England's interest rate hike.
* Dawn Fazackerley-King, a Pilates instructor with two children, will see her fixed-rate mortgage costs jump by about £200 a month after refinancing at 5.69%.
* Ben Thomas, a paramedic struggling with debt, is worried that his credit card repayments may increase due to higher interest rates. Rising interest rates can lead to increased borrowing costs, affecting millions of people who have mortgages, credit cards, and personal loans. Experts predict further hikes over the next 18 months as the ongoing conflict in Iran continues to drive up food, fuel, and energy prices worldwide.