According to Quick Home Buyers, the biggest financial event of 2014 will be the announcement by the Bank of England that mortgage rates will increase, leaving millions of mortgage customers facing financial difficulty. The Bank of England has kept interest rates at 0.5% since March 2009 to help with the economy but 2014 could see the banks governor, Mark Carney increase interest rates leaving families wondering if they should sell their house quickly to avoid financial problems.
A recent survey revealed that nearly 50% of mortgage customers said that if the interest rate does go up in 2014 then they will be forced to take drastic action, from trying to work longer hours to getting a second job with some saying they will be forced to sell their property to stop them getting further into debt.
Citizens Advice chief executive Gillian Guy who has warned that an increase in mortgage rates will see thousands of families losing their home has said that a mortgage increase will have a negative effect on the average family with wages not keeping in line with inflation and with living costs on the increase. Gillian said that for thousands of family who are already in debt, an interest rate increase would be a ticking time bomb.
James Wood PR Manager from Quick Home Buyers said: “An interest rate rise would see thousands of family face serious debt problems with many of those being unable to pay their mortgage with the prospect of losing their home or facing bankruptcy with wages not keeping up with the cost of living. A 1% rise = £1000 a year extra for the average person, which would leave the average household struggling.”
Some financial experts are predicting that mortgage rates could go up by 3% over the next couple of years which would see thousands of families being unable to afford to pay their mortgage repayments, even a 1% rise would see a large number of families being forced to think if selling their home quickly would be the best financial option before they are forced into repossession.
About Quick Home Buyers
Here at Quick Home Buyers, we are a friendly team of property experts who are leading the way in the chain free, quick house sale market. With years of accumulated industry insight and thousands of very satisfied customers behind us, we are the safest and most efficient solution to your quick home sale needs.
Business Name : Quick Home Buyers
PR Manager: James Wood
Phone : 029 2009 9000
Email: [email protected]
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