Households worried about interest rate rise urged to get advice

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.

Catherine Feely, Advice Services Manager with Housing Rights commented: “We know that many local homeowners are just about making ends meet, so this rise in interest rates has the potential to tip them into a crisis situation.  We are also particularly concerned about the impact on people who may already have been to Court and entered into a repayment plan to avoid their home being repossessed. It is vitally important to get free independent advice as early as possible.”

Housing Rights operates a daily housing helpline that can provide advice to households who are worried about potential or existing arrears on their mortgage.  The helpline is open between 09:30 and 16:30 Monday to Friday. People can speak to a mortgage debt adviser by phoning 02890 245640 and picking option 4.

An easy to use calculator, that allows people to see how a rate change will impact their monthly mortgage payments, is also available on the charity’s public advice website www.housingadviceni.org

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For further information contact Claire at Housing Rights on 90 267925

• Housing Rights is the leading specialist provider of independent housing advice in Northern Ireland.  Established in 1964 the charity works to improve lives by tackling homelessness and housing problems.
• Last year the organisation provided advice and assistance on over 46,000 housing issues.