While mortgage holders are still managing to cope, more financial stress is expected in the coming months, a committee of MPs heard as mortgage costs hit a 15-year-high.
MPs on the Treasury Committee were also told that there may be a shortage of landlords amid rising costs and housing shortages.
Figures published on Tuesday by MoneyfactsCompare showed that the average rate of a two-year fixed mortgage has increased to 6.66 percent, the highest since August 2008, when the number stood at 6.94 percent.
It came as MPs questioned lenders on how mortgage borrowers are coping with rising costs.
Henry Jordan, home commercial director at Nationwide, one of the top three lenders in the UK, told the Treasury Committee that new mortgages are costing around an additional £235 per month….