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Posts tagged Interest Rates
Nearly One Million Will Face Mortgage Difficulties

The most read story on BBC News today was the news that almost one million people in the UK will "face difficulties" paying back interest-only mortgages. It has come to light that the position of borrowers with interest-only mortgages was much graver than previously thought, leading Citizens Advice to declare that 934,000 people could face having to sell their homes or even have their homes repossessed when they reach the end of their mortgage terms.

There is growing concern that borrowers have no plan for resolving the remaining debt on their homes when their mortgage term expires. Lenders were all too happy to give out interest-only mortgages until restrictions were tightened up three years ago, but many people were sold these mortgages without fully understanding the consequences of an interest-only mortgage. Now these borrowers are paying the price...

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What Rising Interest Rates Mean for You

On Thursday, Mark Carney, Governor of the Bank of England, announced that the Bank of England base rate will likely rise to 2.5% from 0.5% over the next three years. This rate is the rate which other banks and building societies base their own borrowing rates on.

For savers, this is good news, as those with savings accounts could see higher returns, but what about borrowers? In short, borrowers could be faced with higher repayments as the interest rates rise. People with credit card or other unsecured debts will face higher monthly bills...

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