Borrowers must prepare now for a rise in interest rates,
a charity says, with over a million homeowners never having experienced a Bank
rate increase. Mark Carney, the Bank of England governor, said that a rise in
the Bank Rate was "drawing closer". The Money Advice Trust said this
offered only a "short window" for people to organise their finances.
More than a million mortgage holders have only ever owned a home when rates
were falling or frozen at 0.5%. The last rise in the UK Bank Rate was an
increase to 5.75% in July 2007. About 1.8 million homeowners have taken out a
mortgage for a new home since then although some would have owned previously
then left the market. Read more on the BBC website.
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