Additionally, 7,200 new mortgages of 35 years or more were issued to homeowners moving house.
If you are one of the many Britons facing this daunting reality, we want to hear from you. Share your story and experiences by commenting below.
But it’s not all bad news. Frozen fruits and vegetables are making a comeback in both health and budget-conscious households. According to a recent report, frozen produce can be just as healthy, if not more, than fresh produce, and also saves money in the long run.
In finance news, Sky News’ business presenter Ian King shares his analysis on the possibility of a rate cut in August and the potential obstacle that could prevent it from happening.
And in our Women in Business feature, we hear from a successful woman who went from being a stay-at-home mom with no qualifications to becoming the owner of a major law firm.
Thank you for joining us on Weekend Money. Be sure to come back on Monday for the latest consumer and personal finance news. In the meantime, feel free to ask a question or share a comment below.