Fixed rate mortgage holders in for a shock, predicts John Charcol
www.moneynews.co.uk > Mortgages > Fixed rate mortgage holders in for a shock, predicts John Charcol
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Money News |
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Fixed rate mortgage holders in for a shock, predicts John Charcol
Fri 25th Feb 2011
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This is the view of senior technical manager at John Charcol Ray Boulger, who suggested some people may have used the reduced interest to pay off other debts or put aside money.
But he stressed that others will simply have got used to having additional cash in their accounts.
In his opinion, the base rate will not rise in 2011, but when it does go up, the change could be a real shock to less responsible homeowners.
"The quicker interest rates go up when they do start to rise, the more [of an] issue it is going to be," said Mr Boulger.
Six members of the Monetary Policy Committee voted to hold the base rate at its current level in February, while three were against this policy.
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