‘We won’t be able to pay this much’: UK interest rate hike hits home

Families who have remortgaged or are about to do so tell of a precarious position after rate raised to 4.5%

• Full story: Bank of England raises UK interest rates to 4.5%
• Explainer: UK interest rate rise: how will it affect you?

When Rob, 35, from Trowbridge in Wiltshire, and his wife bought their first home for 375,000 in 2021, they were unable to imagine that 18 months later the Bank of England would have raised interest rates to 4.5% - their highest point since 2008.

We bought a four-bedroom house after a decade of saving, when house prices were rising 10% a year and mortgage rates were tiny," he says. We felt like if we didn't buy then, we'd start moving backwards as prices were rocketing, and we were tired of renting, particularly as we have two young children.