Thursday, January 13, 2011
"Three million people would struggle to pay their mortgage if interest rates rose by just 1 per cent, new research has disclosed. It comes amid widespread speculation that the Bank of England will raise interest rates this year from their current level of just 0.5 per cent, where they have remained for the past two years. Home owners have enjoyed historically low rates in recent years, with many avoiding repossession as a result. But experts suggested a rate rise would cause â€œmajor problemsâ€ for millions of home owners who would struggle to keep the roof over their heads."