Google searches among cash-strapped Britons for 'How to afford mortgage' have soared by 324 per cent, and 'mortgage help’ has skyrocketed by 1,366 per cent in the past seven days alone.
This is according to analysis of Google search data in the UK, carried out by mortgage broker L&C Mortgages.
According to Google search data analysis, terms such as 'Mortgage help' have exploded to over 10 times the average volume, an unprecedented increase in Brits seeking information about the current mortgage crisis.
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.
"This is triggering a surge of uncertainty about where interest rates will go next."
Earlier this month, as reported by FTAdviser, the Bank of England raised rates again, to 5.25 per cent, in a move which was described as "lunacy".
But while inflation is dropping - albeit slowly - and lenders have been reducing some mortgage rates, advisers have been warning of a desperate situation for several months.
In June, after the Bank of England raised rates again, mortgage broker Rachel Dixon wrote on social platform X: "I certainly had a few calls and emails from clients today with regards to rates rises and their worries."
Another wrote: "I quoted a teacher & her partner for a mortgage today on a three-bedroom house, priced at £332,500.
"A repayment mortgage over 35 years with a 10 per cet deposit will cost them £1725 a month, before bills. These interest rates aren't sustainable."
According to the L&C research, UK public searching for ‘Mortgage support' has seen a 213 per cent increase in the past 30 days, over double the average volume.
Searches for the term 'Remortgage' has risen 106 per cent in the past 30 days.
The L&C spokesperson added: "These searches can reflect the financial stress the current crisis has on the Brits in finding out how to afford the rising costs or considering remortgaging to lower monthly payments."
Earlier this month, figures released by the Bank of England show that almost a million borrowers can expect their mortgage payments to increase by up to £500 a month by 2026, the equivalent of almost a week’s worth of pay for the average employee.
In explaining why it is continuing to consider rate rises, as detailed below, the BoE said it did not expect core inflation to reach 2.2 per cent until at least 2025.
The BoE data also suggested at least £30.6bn worth of “risky” mortgages had been written by UK banks in the 12-month period to the end of March 2023.
The Bank of England categorises a “risky” mortgage as one where the total amount borrowed is 4.5 times or more the salary of the borrower and that 86,000 of these “risky” mortgage sales were made over 2022-23.
According to the statistics, a rising number of British households are facing high levels of personal and mortgage debt.
