Rate rise, will you cope?

[enaid]

• 27% of homeowners worry over interest rate rise
  
  One in four mortgage holders fear they will be in financial trouble when interest rates start to rise, research has found.
  
  Homeowners must prepare now for an inevitable interest rate rise, the Money Advice Trust has warned.
  
  http://www.itv.com/news/story/2014-09-24/27-of-homeowners-worry-over-interest-rate-rise/
  
  There are different types of mortgage and many varying deals on them. Check what mortgage you are on and if and when any deals end. If you don't know this off the top of your head check your agreement.
  
  Here is a calculator from MSE http://www.moneysavingexpert.com/mor...ate-calculator
  it will give you an idea of how much more you will have to pay when the rate goes up (and it will) unless you are on a fixed deal.
  
  If after seeing how the rise will affect you it would be a good idea to contact your lender and make an informal enquiry to discuss future options should the interest rate rise.
  Do not just try and ride the storm with thinking maybe a little more overtime or a little extra job will help, unless these things are cast in stone then neither will your mortgage repayments be.
  Being prepared will be a lot easier than trying to dig yourself out of a hole later on.
  
  Just my opnion Enaid xx

[wales01man]

Re: Rate rise, will you cope?

The Cycle of events and consequences starting again Welcome to More repossession more Hardship Same Old Same Old just a new year in which it is happening

[Mr $quandaŁot]

Re: Rate rise, will you cope?

Anyone who is thinking that the current interest rates are normal just doesn't have a clue.

Having said that, I'm sure that the government will do whatever they can to keep the rates as low as possible. They simply got too much to lose should things go wrong.

Current economy is a mystery to me. At least where I live people seem to be spending less than 12 months ago. Pubs are quiet, coffee shops have less trade, supermarkets are discounting, the list goes on.

One can only guess what happens once the rates start rising.

[dogtired]

Re: Rate rise, will you cope?

Us unfortunates with " sub prime" lenders who, it appears still use LIBOR seem to pay more anyway.
Of course they will raise the rate and we will continue to struggle.