The trade body surveyed 2,000 borrowers and found that 10pc expect to experience real financial problems following a rate rise. The report also said that just over half of all borrowers believe they are likely to struggle or fall behind with their payments when the Bank of England pushes up rates.
A further 14pc said they will be able keep up with their repayments, but will struggle constantly and a quarter expect to experience difficulty “from time to time”. A further 15pc said they will have to work more hours in order to keep on top of their mortgage commitments and 4pc said they will have to borrow money from other sources.
Commentators on the report have said that “Households now have a window of opportunity to reassess their budgets, look again at their borrowing and think about how they will cope with higher interest rates. It is crucial they take advantage of this and prepare themselves now.”
At Enable in Bishop’s Stortford our IFA’s know that the bank Rate, which has remained at 0.5pc for more than six years really, is not likely to rise until well into 2016 maybe not until November next year according to the markets. But if you need help getting your house in order we will do our best to help.
Your home could be at risk if you don’t keep up your mortgage repayments.
Issued by: Enable Independent Financial Life Planners 25c North Street, Bishops Stortford, Herts CM23 2LD Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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