Mortgage borrowers 'unconcerned' about rates rise
Nov 13, 2006
Most mortgage borrowers are "not concerned" about the effect that the further interest rates rise could have on their budgets it has been claimed.
Research from Alliance & Leicester found that 45 per cent of mortgage borrowers said that they could easily afford the higher mortgage payments, while a further 33 per cent said that they were already on fixed-rate or capped mortgages, so they were protected from further rates rises.
The recent interest rate rise was widely expected this month with most lenders already factoring it into their plans. Most interest rates rises do not filter through to consumers for several months, but do cause an instant change in consumer attitudes.
A spokesperson at Alliance & Leicester said that it was only the minority of mortgage holders that were likely to feel the pinch from the rates rise.
Interest rates and mortgage rates were still historically low, they added, while those who have chosen fixed-rate deals will have secured themselves against any changes to their payments and will not be affected.
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