HOME OWNERS NOT PREPARED FOR INTEREST RATE RISE.!! One in four mortgages could become unaffordable when the Bank of England starts increasing interest rates, the Resolution Foundation will warn this week. Analysis by the think-tank has found that as many as 2m homeowners are unprepared for the heavier financial burden that comes with higher interest rates on their mortgages. It has called on the FCA to demand that mortgage lenders offer financial advice to their most “at risk” borrowers. “Swift action now will help to limit the fallout in years to come,” said Matthew Whittaker, chief economist at the foundation.
Posted on: Tue, 22 Jul 2014 10:44:35 +0000
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