Millions of UK homeowners would struggle with rate rise

[Nicholas Wallwork]

While the UK property market continues to go from strength to strength, with 2014 expected to be another positive year for the sector, the Bank of England has issued a warning on a potential rise in base rates in the short to medium term. In a worst-case scenario, the Bank of England believes that 50% [...]

Click to Read The Full Story and Add your Own Comments to Millions of UK homeowners would struggle with rate rise

 

[MikeOllington]

"In a worst-case scenario, the Bank of England believes that 50% of UK mortgage holders would struggle to maintain payments, need to reduce their outgoings and possibly need to take on a second job." I think it may be a lot more than 50% of UK mortgage holders who would struggle to maintain payments. How can outgoings be reduced when prices are shooting up even for the most basic items? Those on large salaries need to 'reduce their outgoings' to a normal wage and see how hard it is for many families to survive these days.