72% 'worried' about mortgage rates

Mortgage rates are a major cause of concern as Britain remains in recession and inflation outstrips wage rises, a survey has suggested.

Research by Which? revealed that 14% of people are already struggling with their repayments.

And no fewer than 72% are worried about mortgage rates amid fears the Bank of England's Monetary Policy Committee is preparing to raise the base rate from its current record low of 0.5%.

The study found that only 36% of those struggling with mortgage repayments have approached their lender for help, a course of action recommended by Which? executive director Richard Lloyd.

He said rather than drift into arrears, mortgage holders should explore options such as moving from a repayment mortgage to an interest-only product.

"If you're struggling with mortgage repayments then your first port of call should be your lender," he added.

Back to blog home

Disclaimer

All content is for informational purposes only and is the opinion of the author. Nothing on this website should be interpreted as "advice". Money Dashboard Ltd make no representations as to the accuracy, completeness, suitability or validity of any information on this site and will not be liable for any errors or omissions or any damages arising from its display or use.

Related articles

Download app
×
Important Information: Money Dashboard Neon and Classic mobile and web apps are now closed as of 31/10/2023. Please see our FAQs for more information.
FAQs
1