mortgage

Mr Willis, 28, said the service charges he paid in 2024 exceeded his annual mortgage payments.

After the Great Recession, Porter was appointed by Harris, then California’s attorney general, to oversee a $25-billion mortgage settlement with the nation’s top banks.

Following last year's deal - the biggest banking takeover since the financial crisis - Nationwide became the UK's second largest provider of mortgages and savings accounts.

In the meantime, a Bankrate study published last year found that it’s actually cheaper to rent than buy in all 50 major U.S. metros, with average rents being around 37% less than monthly mortgage payments.

Higher rates mean higher borrowing costs for loans, credit cards and mortgage deals, but it also provides better returns on savings.