High Mortgage Rates Push Hundreds of Thousands into Financial Hardship

Institute for Fiscal Studies reports significant rise in poverty and arrears due to increased borrowing costs.

370,000 homeowners expected to fall behind on bills as they refinance at higher rates.
320,000 people have been pushed into poverty due to increased mortgage costs.
Bank of England's rate hikes have led to the highest borrowing costs in 16 years.
Average monthly mortgage payments have risen significantly, straining household budgets.
Calls for improved social security measures to address the growing financial instability.