Interest rate hikes hit mortgage loans & rents

<p>Thousands of London households are being hit with a fresh property squeeze as lenders hike interest rates again.</p><p>Now, according to financial data firm Moneyfacts, the average two-year fixed-rate mortgage deal costs £35 more per month than it did a couple of weeks ago, following successive Bank of England base rate rises.</p><p>It comes after TSB withdrew its ten-year fixed-rate, while Coventry Building Society is set to increase prices for two, three and five-year deals.</p><p>The hikes are being fuelled by inflation figures stuck stubbornly at 8.7 per cent.</p><p>Meanwhile, a record fifth of first-time buyers signed up to 35-year mortgages - so will be paying off property debt past retirement and into their 70s.</p><p>The Leader podcast’s joined by Dr Jeevun Sandher, who's head of economics at the New Economics Foundation and Labour’s prospective parliamentary candidate for Loughborough.</p><br /><hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>