Prime Minister Rishi Sunak has ruled out help for homeowners after the average fixed two-year mortgage rate hit 6% for the first time this year.
More than 400,000 people will see their existing fixed deals end between July and September, meaning they could face significant rises to their monthly bills.
On the Sky News Daily, Niall Paterson hears from one homeowner whose mortgage is about to go up by £600-800 a month and asks our business correspondent Gurpreet Narwan, why rates have risen again now. Plus, Gráinne Gilmore, from property consultancy Cluttons, explains why rising rates could mean more houses on the market than people wanting to buy them.
