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Fears For Mortgage Rate Awareness


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HOLA441

http://news.bbc.co.uk/1/hi/business/10521707.stm

Three-quarters of mortgage-holders do not know how an increase in interest rates of one percentage point would affect their budget, a survey says.

Some do not know what type of mortgage they have or when it expires, the poll found.

The survey of 2,262 people was conducted for an education group, the Consumer Financial Education Body.

The Bank rate has been kept at 0.5% for 15 months in a row, with the latest decision to be announced on Thursday.

Poll

Key findings of the survey included:

Some 51% of those asked believe interest rates will change in the next nine months

One in seven (15%) do not know whether they are paying a fixed, standard variable, tracker or discounted rate

Some 8.6 million people, out of 14.6 million people in the UK who have a mortgage, have a time-limited deal

One in seven (15%) of these people do not know when their deal expires

To assist them, the group has updated its mortgage guides on the Moneymadeclear website.

Tips include checking "key facts" paperwork provided by a lender when the mortgage was taken out. This shows when the deal comes to an end.

"Interest rates have been at record lows for some while now," said Tony Hobman, chief executive of the group.

"Although there is uncertainty about when this will change, it is clear from our research that many people with mortgages have not thought about what it would mean for their monthly payments, or where they would find the extra money in their household budget if their mortgage rate was to go up.

"Lack of time means many of us often put off reviewing our finances."

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HOLA442

http://news.bbc.co.uk/1/hi/business/10521707.stm

Three-quarters of mortgage-holders do not know how an increase in interest rates of one percentage point would affect their budget, a survey says.

Some do not know what type of mortgage they have or when it expires, the poll found.

The survey of 2,262 people was conducted for an education group, the Consumer Financial Education Body.

The Bank rate has been kept at 0.5% for 15 months in a row, with the latest decision to be announced on Thursday.

Poll

Key findings of the survey included:

Some 51% of those asked believe interest rates will change in the next nine months

One in seven (15%) do not know whether they are paying a fixed, standard variable, tracker or discounted rate

Some 8.6 million people, out of 14.6 million people in the UK who have a mortgage, have a time-limited deal

One in seven (15%) of these people do not know when their deal expires

To assist them, the group has updated its mortgage guides on the Moneymadeclear website.

Tips include checking "key facts" paperwork provided by a lender when the mortgage was taken out. This shows when the deal comes to an end.

"Interest rates have been at record lows for some while now," said Tony Hobman, chief executive of the group.

"Although there is uncertainty about when this will change, it is clear from our research that many people with mortgages have not thought about what it would mean for their monthly payments, or where they would find the extra money in their household budget if their mortgage rate was to go up.

"Lack of time means many of us often put off reviewing our finances."

Sorry to appear cynical but sounds like some quango just commisioned a survey to justify it's own existence.

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HOLA443

http://news.bbc.co.uk/1/hi/business/10521707.stm

Three-quarters of mortgage-holders do not know how an increase in interest rates of one percentage point would affect their budget, a survey says.

Some do not know what type of mortgage they have or when it expires, the poll found.

The survey of 2,262 people was conducted for an education group, the Consumer Financial Education Body.

The Bank rate has been kept at 0.5% for 15 months in a row, with the latest decision to be announced on Thursday.

Poll

Key findings of the survey included:

Some 51% of those asked believe interest rates will change in the next nine months

One in seven (15%) do not know whether they are paying a fixed, standard variable, tracker or discounted rate

Some 8.6 million people, out of 14.6 million people in the UK who have a mortgage, have a time-limited deal

One in seven (15%) of these people do not know when their deal expires

To assist them, the group has updated its mortgage guides on the Moneymadeclear website.

Tips include checking "key facts" paperwork provided by a lender when the mortgage was taken out. This shows when the deal comes to an end.

"Interest rates have been at record lows for some while now," said Tony Hobman, chief executive of the group.

"Although there is uncertainty about when this will change, it is clear from our research that many people with mortgages have not thought about what it would mean for their monthly payments, or where they would find the extra money in their household budget if their mortgage rate was to go up.

"Lack of time means many of us often put off reviewing our finances."

I can fully understand. If I had a £200K + mortgage I think I too would suffer and not find the time to know what it is or if there is a better alternative. I have too much on to spend an hour looking into it. There's BBC HD football for example. That eats all my time, and when that is over I have the Tour de France and then maybe some rhythmic gymnastics. I really can't be bothered to make time to save thousands of pounds.

On another topic I am finding the economy beans a great way to save 5 pence. Anyone else got any good tips?

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HOLA444

I can fully understand. If I had a £200K + mortgage I think I too would suffer and not find the time to know what it is or if there is a better alternative. I have too much on to spend an hour looking into it. There's BBC HD football for example. That eats all my time, and when that is over I have the Tour de France and then maybe some rhythmic gymnastics. I really can't be bothered to make time to save thousands of pounds.

On another topic I am finding the economy beans a great way to save 5 pence. Anyone else got any good tips?

What you don't know can't hurt you, right?

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HOLA445
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HOLA446
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HOLA447

What you don't know can't hurt you, right?

If it never happens, yes.

The expression "ignorance is bliss" is often not that far from the truth.

The philosophical, cautious types who plan for - and by extension expect - the worst, are always less happy than those who waft through life with their eyes half closed.

Who are the real fools?

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HOLA448

If it never happens, yes.

The expression "ignorance is bliss" is often not that far from the truth.

The philosophical, cautious types who plan for - and by extension expect - the worst, are always less happy than those who waft through life with their eyes half closed.

Who are the real fools?

But what's better, a few years of bliss and a lifetime of hell or a lifetime of sensible prudence.

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HOLA449
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HOLA4410

How good is the bliss? I'm considering it. <_<

Oh it's good, no more worries about mortgages, jobs, house prices, savings. Inflation, deflation, interest rates, it's easy too, I've got a friend who does it whenever someone tries to talk to you about any of the above just sing a song in your head, stare blankly and then say "nah never happen"

For example "'so your paying £900 a month on a base rate +4% tracker?, what are you going to do when interest rates hit 3 or 4% or get back up to around 6%?"

"nah, it'll never happen... Did you watch da football innit?"

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HOLA4411

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