As mortgage rates continue to rise, searches for terms such as ‘mortgage help’ have risen by 1,366% in the past seven days, according to analysis conducted by L&C Mortgages.
The research revealed that these searches also increased by 213% in the past 30 days, more than double the average volume.
Searches for ‘how to afford mortgage’ went up by 324% in the past five months, and ‘remortgage’ by 106% in the past 30 days.
Ongoing financial pressures have also had a significant impact on renters, with searches for ‘rent increase’ over the past five years soaring by 235%.
A spokesperson from L&C Mortgages said: “The past few weeks have seen the rising mortgage payments and high-interest rates make front page news, with these increases pressuring the finances of millions of borrowers in Britain, triggering a surge of uncertainty about where interest rates will go next.
“However, the latest news has now caused a surge of online interest in those looking to get more information and help on mortgages, interest rates and rent, highlighting the massive impact of the cost-of-living crisis on the British public.
“There are still plenty of deals available for borrowers looking to switch, but remortgaging a home is a decision that should be made with thorough research and help.”
They added: “Some tips to keep in mind during these uncertain times would be to shop around for the best rates available, which can be done online or by using a mortgage broker.
“Or look to request to extend the term on your mortgage so that you can pay a smaller amount each month but for a longer period.
“Another option could be to switch to interest-only temporarily; this can reduce the monthly amount of your payments in times of need and financial difficulty.
“Lastly, if you are struggling for tailored support, talk to your lender to help find the best solution.”
