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Rate hike could spell disaster, warns Citizens Advice

Citizens Advice has warned the increase in interest rates to 5.25% could spell disaster for people who are already struggling to meet their mortgage repayments.

Peter Tutton, policy officer with Citizens Advice, urges lenders to be sympathetic to customers who could struggle with their repayments following the rise.

He says: This is another rise in a short period of time that could hit some homeowners hard.

“We are already seeing a rapidly growing number of people failing behind with mortgage payments and in some cases threatened with repossession, and we know some people are taking on mortgages that stretch them to the absolute limit.

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