Local Charity Housing Rights is telling people worried about the recent interest rate rise to get free independent advice. This is the second rise to rates since 2007, the people who will be most adversely affected by this increase are those households with variable rate mortgages.
It's essential that households in this position understand their monthly mortgage payments will increase. On a mortgage of £125k today’s rate rise will mean homeowners will have to find another £15.50 a month to meet their repayment.
