BEWARE, MORTGAGE INTEREST RATES WILL RISE

January 6, 2015 by in category Mortgage News with 0 and 0

According to the Centre for Economics and Business Research (CEBR),half of homeowners with variable rate mortgages aren’t aware that their repayments could rise next year.

They say it has found widespread ignorance amongst the UK public.

Despite the CEBR predicting a minimum total mortgage payment rise of £723.8m across the UK when rates rise, over three quarters (76%) aren’t putting money aside for interest rate increases.

The main reasons behind this widespread uncertainty, homeowners put as different political and regulatory statements, conflicting family views and changing market commentary.

There is a great deal of ignorance out there such as when asked, 46% weren’t able to correctly recall the UK’s current base interest rate and only 12% were aware the Bank of England forecasted mortgage rates will rise in October 2015.

London Mortgage Advice Ltd is authorized and regulated by the Financial Conduct Authority for residential mortgages and non investment insurance business.

Although London Mortgage Advice Ltd is regulated by FCA, commercial mortgages and most buy-to-let and offshore mortgages are not regulated by the FCA.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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