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'one Million Buyers Have Never Seen A Rate Rise'

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http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10667025/One-million-buyers-have-never-seen-a-rate-rise.html

The chief executive of Britain's biggest building society has made a stark warning that a "whole generation" of borrowers have never had to cope with a rise in interest rates.

Graham Beale, writing a blog on the society's website, said one million first-time buyers have bought a property since interest rates fell to 0.5pc in March 2009 and urged them to consider the impact on their budgets if the cost of borrowing were to begin rising.

The warning came as the society's monthly index showed yet further rises in house prices. The UK average price rose 0.6pc last month to £177,846, 9.4pc higher than in February 2013.

Citing Bank of England research, Mr Beale said if mortgage rates were to increase by 2.5pc, to return to 2007 levels, it would push up the cost of a typical mortgage by around £230 a month.

Don't worry rates aren't going up for a generation so it's all irrelevant.

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Don't worry rates aren't going up for a generation so it's all irrelevant.

...only the prices will be going up.....houses were so much more cheaper to buy when rates were higher, cheaper homes and better rates on savings win.win. ;)

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