Most home owners unaware of impact of interest rate rise

1 min Read Published: 07 Jul 2010

‘’Around 74pc of people with a mortgage admitted they did not know how a 1 percentage point rise in the Bank of England base rate would affect their monthly outgoings, according to the newly formed Consumer Financial Education Body (CFEB)’’

The Daily Telegraph reports that “more worryingly, 15pc of people do not even know what type of mortgage they have, such as whether it is a fixed-rate deal, which would make them unaffected by an interest rate rise, or whether it is a variable-rate one, meaning their monthly payments would go up.”

The article concludes that ‘’lack of time means many of us often put off reviewing our finances, but it doesn't have to be time consuming to keep on top of your money matters."

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Finally, if you are part of the aforementioned 74% of people who do not know how a 1% rise in base bank base rates will affect their mortgage the answers can be found here.