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The Telegraph
The Telegraph
16 Jun 2023


Three million middle class homeowners are at risk of having their savings wiped out by the recent surge in mortgage costs, a leading think-tank has warned.

Analysis from the Institute for Fiscal Studies (IFS) suggests 2.9m middle income mortgage holders would exhaust their savings and be forced to ask for help to meet an unexpected expense of around £2,000.

The amount cited by the IFS is also almost the same as the annual jump in payments of £1,920 facing borrowers remortgaging today compared with rates offered at the start of May.

It suggests that millions of households will struggle financially when they come to renew their deals, leaving them to raid their savings, as well as borrow on a credit card, take out a personal loan, or ask friends and family to help.