Mortgage panic is deepening as families fear that they will default on soaring repayments and lose their homes amid warnings of a 15 or even 20 per cent fall in house prices.
Nationwide became the flender to hike its fixed-rate deals yesterday, with the bank s two-year rate rising to 5.59 per cent - more than double the 2.54 per cent it was offering three months ago.
Mortgage panic is deepening as families fear that they will default on soaring repayments and lose their home amid warnings of 15 per cent fall in house prices as lenders pull 1,000 deals in a day.
Terrified homeowners have already begun putting their properties back on the market following seven interest rate rises this year, amid fears it could climb to 6 per cent in the first half of 2023.
Lenders across the country, including Halifax, Virgin Money and Skipton, have taken the step after analysts warned the base rate could surge to 6 per cent next spring.