Mortgage rates soar as inflation data triggers rate hikes and 'remortgage nightmare'

The interest charge on these deals has gone up by 0.3% due to recent inflation data, which indicates that inflation is not coming down as quickly as expected.

This has led to many lenders raising their mortgage rates and removing deals from the market, with hundreds of deals being pulled following recent changes.

The Bank of England has been steadily raising interest rates to tackle soaring prices, and many people on variable or tracker deals have already felt the impact of these rate hikes.

However, those on fixed-rate deals have been shielded from these increases so far, but will soon face a "remortgage nightmare" as their deals come to an end and they are faced with the full force of the rate hikes.

Inflation has risen rapidly, causing many households to feel squeezed, and there appears to be no end in sight to the rising interest rates.

If you are struggling to get a mortgage or are facing unaffordable repayments, you can share your experiences by emailing haveyoursay@bbc.co.uk or contacting the BBC through other means.

The Building Societies Association (BSA) has warned that UK house prices are likely to fall further in the near term due to "headwinds" such as Brexit uncertainty, the COVID-19 pandemic, and rising interest rates.

The BSA's comments came as data from the UK Finance showed that UK house prices fell at their fastest annual pace in nearly 14 years in May.

The drop in house prices would generally be welcomed by first-time buyers, who have seen property values continue to climb in recent years.

However, rising interest rates mean that mortgage costs are now higher than many people looking to get on the housing ladder might have planned for.