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Loan refunds: Homeowners in the dark over consequence of base rate hike

Homeowners, including those seeking out loan refunds, may not be aware of how an increase on the base rate would affect them.

Research by professional advice website unbiased.co.uk has revealed that 22 per cent of homeowners do not know how an increase to the base rate would affect their monthly mortgage repayments.

Karen Barrett, chief executive of the website, said: "The base rate increase is inevitable and so when this happens homeowners need to ensure they are prepared for what this increase will mean for their personal finances.

"[People] are in the dark about how their personal finances will be affected by this change, meaning it's impossible for them to budget for the future."

She added that it is vital for homeowners to review their mortgage arrangements on a regular basis to make sure they are getting the best deal.

Research showed 28 per cent of homeowners on a fixed rate mortgage think their monthly payments will increase when the base rate rises.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.
 ADNFCR-2776-ID-800495104-ADNFCR



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