In a recent survey of home owners with mortgages, it was reported that the majority do not appear troubled ahead of likely interest rate increases. The Bank of England has stated that any increases will be limited and gradual, as there are risks associated with steep hikes.
A poll compiled by the Halifax bank for the Telegraph newspaper indicated that over half of the mortgage holders questioned were either “not at all” or “not very” concerned about expected rises in interest rates. Only 12 percent of those surveyed were “very concerned” about meeting their mortgage payments once higher interest rates had been introduced. Even though most homeowners were not unduly worried, the majority said that they would need to economise should their mortgage payments rise by as much as £100 each month.
Halifax mortgage director Craig McKinlay said that it could seem surprising that so few mortgage holders are worried, as there has been speculation regarding interest rate rises for some time. He suggested that the Bank of England’s reassuring stance, in which it has stated there will be no sudden spate of rate increases, may be helping to calm fears. In addition, the base rate is extremely low at the moment.
With changes on the horizon, it is more important than ever for home buyers to make sure they choose the right mortgage and, all over the country, more people are training to become mortgage advisers. With CeMAP courses in Liverpool, London, Birmingham and other major cities, there are plenty of opportunities for those wanting to enter the mortgage advice industry.
