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Citizens Advice says banks must show understanding, as interest rates increase

3 November 2022

Morgan Wild, Head of Policy at Citizens Advice, said:

“Right now, people are facing a double whammy of soaring interest rates and sky-high inflation. 

“Those on expiring fixed-rate mortgages could face hikes of hundreds of pounds to their monthly payments. And people on variable rates will already be seeing their costs go up.

“This comes on top of other pressures like energy bills going through the roof and the food shop not stretching as far.

“At this critical time, banks must show understanding to anyone struggling with repayments. People might be worried to ask for help so it’s essential lenders proactively reach out to offer support.”

Background information

  • Research published by Citizens Advice shows that 1 in 4 mortgage holders couldn’t afford to see mortgage payments rise by £100 a month

  • Almost half (45%) would be unable to afford an increase of £250 a month

Notes to editors

  1. Citizens Advice is made up of the national charity Citizens Advice; the network of independent local Citizens Advice charities across England and Wales; the Citizens Advice consumer service; and the Witness Service.
  2. Our network of charities offers impartial advice online, over the phone, and in person, for free.
  3. We helped 2.4 million people face to face, over the phone, by email and webchat in 2020-21. And we had 40 million visits to our website. For full service statistics see our monthly publication Advice trends.
  4. Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 2,600 service outlets across England and Wales.
  5. You can get consumer advice from the Citizens Advice consumer service on 0808 223 1133 or 0808 223 1144 for Welsh language speakers.