Half of property owners fear impact of interest rate rise

By Natasha Adamson

New research suggests that half of property owners feel that they would struggle to meet their monthly mortgage payments if interest rates increase by 1 per cent.

Over 50 per cent of those who responded to the survey by Equifax felt a 1 per cent increase would put them into financial difficulty, though the research also revealed a widespread lack of understanding on how a change to interest rates would alter their monthly mortgage payment. Two in five of those surveyed said they weren't sure how much extra they would have to pay each month.

A third of those polled were on a fixed-rate mortgage deal, and as such protected from an interest increase in the near future, but many of them were already considering a remortgage before their fixed deal term ends.

If you are buying, selling or remortgaging a property in Northern Ireland, and require a conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast or Bangor by calling 0800 840 9290.

 

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