Third of homeowners 'fear interest rate rise'

Some 34% of homeowners are worried about what would happen to their finances if interest rates were raised from 0.5%, new research has revealed. The HomeOwners Alliance found some people would be forced to sell in interest rates rose.

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Rate rise 'could push millions into financial hardship'

A rise in interest rates could push millions of homeowners into real financial hardship, according to a property expert. Paula Higgins, chief executive of the HomeOwners Alliance, said:

Homeowners are already really struggling to make ends meet, and millions could be pushed into real financial hardship when interest rates start to rise.

It shows just how severe the cost of living crisis is that a rise in interest rates could lead to some homeowners struggling to afford food or being forced to sell their homes.

The Bank of England needs to tread very carefully to avoid causing widespread financial difficulties.

– Paula Higgins

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