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Commercial Credit News
|Homeowners unprepared for interest rate rise|
|Tuesday, 08 September 2015|
With an interest rate rise looming, research from business insights expert Equifax reveals that 78% of homeowners with a variable rate mortgage aren’t budgeting for increased payments. This is despite 80% believing there will be a rate increase within 12 months, raising concerns over their ability to cope once rates inevitably increase.
The online survey, conducted by YouGov, also reveals that 28% of UK homeowners on a variable rate mortgage are unaware of how much their monthly payments will be if interest rates rise by 0.5%.
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