‘It’s a bloodbath’: the UK homeowners on variable rate mortgages

As the cost of borrowing rises again, we speak to some of the 1.4m people on variable rates dreading the effects

• Full story: Bank warns rates will remain high for at least two years
• Analysis: tough-talking Bank raises rates and a few eyebrows
• Explainer: interest rate rise: what it means for you

It's a bloodbath, that's the way I'd like to describe it," says John*, a father of two struggling with the ever-increasing interest rate on his home loan.

He is one of the 1.4 million people in the UK on a variable rate residential mortgage, who have watched the monthly payments soar after the Bank of England raised the base rate to a 15-year high.