Homeowners face biggest hike in mortgage costs since 2008

Data from government's independent forecasting unit suggests interest payments could increase by 13% in 2023

Homeowners face the biggest rise in mortgage costs since the financial crisis, with the amount of interest they pay set to jump by 13% in 2023, data from the government's independent forecasting unit suggests.

Politicians and analysts seized on a table buried" in a report published by the Office for Budget Responsibility (OBR) alongside the budget, which stated that mortgage interest payments were set for their biggest rise since at least 2008.