With rising interest rates is the traditional British aspiration to own a home starting to become impossible - well the era of low cost mortgages has certainly come to an end. last week the Bank of rates to 5% - the highest level since September 2008 and they thirteenth recent rise

In response to what is considered by many a looming crisis - Chancellor Jeremy Hunt says he has reached significant agreements with banks and lenders to assist mortgage holders dealing with rising interest rates. However, he has chosen not to provide direct Government support.

Lenders have agreed a minimum 12-month period before repossessing homes. Additionally, lenders have agreed to grant struggling borrowers the option to extend their mortgage term or temporarily switch to an interest-only plan without requiring any explanations.

In the near future, a significant number of homeowners are approaching the end of their fixed mortgage rate deals, which has raised concerns among experts. This situation has been likened to a ticking time bomb, with some predicting that the potential fallout could surpass the severity of the energy bills crisis witnessed last year.