- 27% of homeowners worry over interest rate rise
One in four mortgage holders fear they will be in financial trouble when interest rates start to rise, research has found.
Homeowners must prepare now for an inevitable interest rate rise, the Money Advice Trust has warned.
http://ift.tt/1n8wIy8
There are different types of mortgage and many varying deals on them. Check what mortgage you are on and if and when any deals end. If you don't know this off the top of your head check your agreement.
Here is a calculator from MSE http://ift.tt/1vnnyhb
it will give you an idea of how much more you will have to pay when the rate goes up (and it will) unless you are on a fixed deal.
If after seeing how the rise will affect you it would be a good idea to contact your lender and make an informal enquiry to discuss future options should the interest rate rise.
Do not just try and ride the storm with thinking maybe a little more overtime or a little extra job will help, unless these things are cast in stone then neither will your mortgage repayments be.
Being prepared will be a lot easier than trying to dig yourself out of a hole later on.
Just my opnion Enaid xx
Rate rise, will you cope?
