Interest Rate Rise Fears For Mortgage Borrowers

 

A personal finance expert has suggested that UK property owners with tracker mortgage products could be negatively affected by a future increase in the Bank of England base rate of interest.

Founder of the financial website moneymagpie.com, Jasmine Birtles, has stated that people might be affected to different extents depending on the kind of mortgage they have. She commented: "If you have a tracker mortgage then obviously it's going to go up because it tracks the base rate. If you're on a tracker it's definitely going to go up."

However, not only tracker mortgage holders could be affected by any Bank of England decisions to increase the base rate later in the year. Ms Birtles continued, "If you're on a standard variable rate then probably your payments will go up as well."

The timing for a potential interest rate rise is a matter of debate at present with a general consenus that a rise will come 'sooner rather than later' and probably in the latter part of 2011.


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