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

Steve Hughes, Chief Operating Officer at Citizens Advice SORT Group, said:

"There is a generation of people who have never seen interest rates so high. This at a time when inflation is equally at an unprecedented level.“

"Lots of people are seeing their fixed rate mortgages coming to an end and private landlords are passing on mortgage increases onto their tenants. Citizens Advice has recently shared research that 1 in 4 mortgage holders couldn’t afford to see mortgage payments rise by £100 a month, and we have seen clients who are moving back home because they can't afford their rent.“

"We urge banks and landlords to show understanding to anyone struggling with payments. 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

  • Citizens Advice SORT Group is the parent company of the local Citizens Advice services in Stockport, Oldham, Rochdale and Trafford.  More information can be found here.

  • We give people the knowledge and confidence they need to find their way forward - whoever they are, and whatever their problem.

  • Locally, we help tens of thousands of people with their issues, helping them find a way forward via online content, phone, WhatsApp, and face to face advice.

  • You can get consumer advice from the Citizens Advice consumer service on 0808 223 1133 or 0808 223 1144 for Welsh language speakers.

Hayley Wright