Mortgage brokers reveal how borrowers are coping with higher rates

Dariusz Karpowicz, director at Albion Financial Advice said: 'One client, a young professional couple, secured a two-year fixed-rate mortgage just before interest rate hikes.

'The subsequent rise translated to a significant monthly payment increase exceeding £600.

'Having previously been comfortable, they now found themselves at risk of default due to limited savings and tight finances.

'We explored hardship forbearance options with their lender, potentially lowering payments temporarily. Thankfully, the lender was receptive.

'Through combined efforts, including a revised budget, they've achieved temporary stability.

'Their situation, however, exemplifies the challenges facing many borrowers in the current climate.'