Rising mortgage rates affect 3,000 people every day with 'staggering' hikes

Around 600,000 fixed-rate mortgage agreements mature within six months, forcing homeowners to accept rates that will often cost hundreds of dollars worth of more every month

Many people worry about their mortgage (

Image: Getty Images)

More than 3,000 households are being stung by 'skyrocketing increases' every day as they look to renew their mortgage, figures reveal.

Around 600,000 fixed-rate mortgage agreements will expire in the last six months of this year, forcing homeowners to accept higher charges.

That's an average of 3,296 per day.

Rates continue to climb, driving up costs for borrowers: the average two-year fixed-rate deal topped 6% for the first time in 14 years last week.

Liberal Democrat Leader Ed Davey, who compiled the figures, said: "Every day the government fails to defuse this mortgage ticking time bomb, thousands more homeowners face sky-high increases in their bills.< /p>

“But Kwasi Kwarteng has shown he either doesn’t understand or doesn’t care. the loss of their home.

"Tory MPs must act now to help struggling mortgage borrowers on the brink."

Former Labor Chancellor Alistair Darling yesterday (SUN) warned yesterday that 'millions of people will pay the price' for ministers 'smearing our reputation' as cpimtu/

He said the government's credibility had been undermined, adding that interest rates would be higher than they otherwise would be.

"It directly affects how much people are paying for their mortgages as well as prices in general," Darling said.

A government spokesperson said: 'While the UK has experienced disruption, global financial markets have also experienced significant volatility in recent weeks.

"A range of factors affect mortgage rates and interest rates, which have risen internationally in response to global trends, including (Vladimir) Putin's illegal invasion of Ukraine."