Press release: Over half of UK mortgage holders are unprepared for interest rates rise
2 October 2014
- One in five mortgage holders said they would ‘really struggle to find the extra money’ to cover any increase in repayments
- Nearly half would find it difficult to cover up to £150 extra per month
- Over a quarter don’t know what their current mortgage interest rate is
- Money Advice Service urges homeowners to plan ahead for anticipated rise
UK mortgage holders are unprepared for potential increases in interest rates, new research from the Money Advice Service reveals. The study, of 3,007 UK mortgage holders, found that 56% have no contingency plans should interest rates rise.