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39% of homeowners unaware of rate rise impact

39% of homeowners unaware of rate rise impact

39% of UK homeowners are unaware of the affect a 0.5% increase in interest rates will mean to their monthly mortgage payments.

An eMoov survey of 1,000 homeowners revealed that four in ten homeowners were in the dark about the financial consequences of a rate hike, despite the fact that a 0.5% rise could see payments jump by £50 to £100 per month.

Russell Quirk, CEO and Founder of eMoov, said an increase may seem insignificant to most, but for those with high LTVs it could be catastrophic.

“Despite the comfortable economic climate at present, many UK homeowners are counting every penny in order to get by,” said Russell.

“So an increase of more than a £1,000 a year could soon snowball into a more substantial debt.”

Russell said interest rates would eventually rise, so, regardless of a mortgage holder’s current LTV ratio, monthly payments will increase by at least 5%.

“The key to keeping on top of your mortgage is understanding what you need to pay and when, way in advance of it actually happening,” said Russell.

“This will give you plenty of time to get your finances in order and keep your head above water.”

Recent reports suggest around 20,000 first-time buyers could be vulnerable to a rate rise.

In the meantime, experts claim a significant portion of young people are not financially literate.  

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