One in four mortgage holders fear they will be in financial trouble when interest rates start to rise, research has found.
Some 27% of those surveyed for the Building Societies Association (BSA) and charity the Money Advice Trust think they will be in difficulty when the base rate eventually moves off its historic 0.5% low.
One in 14 (7%) people said that they would be in serious financial trouble if mortgage rates and repayments changed as they expect over the next three years, while a further one in five (20%) said this would cause them slight financial problems.
Around 39% of those surveyed said they will be forced to cut spending on holidays and eating out to cope with rate rises, while one-fifth plan to reduce spending on essentials such as clothing and food.
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The data set combines more than 25 international survey projects covering 154 countries between 1995 and 2020.
The fallout over the UK Government’s decision on Huawei and tributes to Nicholas Parsons lead many of Wednesday’s papers.
Wednesday will be a showery start for many western and northern parts with potentially some hail and thunder.