Property News

Wednesday, May 09, 2007

Millions may need to remortgage

According to research by by, another interest rate rise tomorrow could mean that up to seven million people will be forced to remortgage their homes.

Another rate rise is expected on Thursday, which will stretch already struggling homeowners. Of those surveyed by the comparison website, 27 percent said they would have to remortgage their home if a rate rise led to a payment increase of 100 pounds per month. But 2.6 million people will be forced to remortgage if their repayments went up by just 50 pounds.

Louise Cumming, head of mortgages at, said: "The looming rate rise is of grave concern. We feel it could be even half a per cent rise which will drive an alarming number of people into financial difficulty. Anyone finding it difficult to make their mortgage repayments already or who think they might after the next rate rise should try to remortgage to a better deal before Thursday."


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