Debt stricken homeowners have received a further financial blow today, as the Bank of England officially announced a further increase in the rate of interest.

The average British homeowner has been advised to expect their monthly mortgage repayments to rise by as much as 10%, as a result of the increase. Statistically, the average mortgage repayment is said to stand at around £540 per month, analysts have suggested that the rate change will push the average repayment to around £590 per month.

There have been numerous reports describing the detrimental financial effects that the last 4 rate rises have had on the average British family, however experts suggest that unfortunately the worst is still to come. It is predicted that the BoE will raise interest rates further still in the next few months, to a record high of 6%.

Numerous charities and CAB’s have been struggling to cope with the volume of calls from panic stricken homeowners, desperately seeking guidance with regards to their financial commitments. Increasing interest rates are causing mortgage repayments to skyrocket, which in turn is pushing copious amounts of homeowners dangerously close to the edge.