As mortgage rates continue to rise, analysis of Google search data reveals that searches in the UK with terms such as ‘Mortgage help’ have skyrocketed by 1,366% in the past seven days.

The analysis, by mortgage broker L&C Mortgages, reveals an unprecedented increase in Brits seeking information about the current mortgage crisis.

The data reveals searches for ‘how to afford a mortgage’ have exploded by 324% in the past five  months and ‘Remortgage’ by 106% in the past 30 days.

‘When will interest rates go down’ has seen a massive 487% search increase and ‘When will mortgage rates go down’ has a 268% search increase in the past 12 months.

UK fixed-rate mortgage costs have now soared to a new seven-month high, adding more pressure on the finances of UK houseowners.

According to Moneyfacts, the average two-year fixed residential mortgage has risen to 6.66, the highest level since the 2008 financial crisis.

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.

A spokesperson from L&C Mortgages comments on the analysis: “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, triggering a surge of uncertainty about where interest rates will go next”.

“However, the latest news has now caused a surge of online interest in those looking to get more information and help on mortgages, interest rates and rent, highlighting the massive impact of the cost-of-living crisis on the British public”.

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