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Bank charges could rise with repossessions if interest rates go up

More people could be left facing stiff bank charges and possible repossessions on their homes if the interest rates rise too quickly.

That is to be inferred from comments by mortgage adviser John Charcol, which suggested that the scale of any potential rise in the number of repossessions will be dependent on how quickly interest rates are increased.

Ray Boulger, senior technical manager at the company, said that it would not be surprising to see a small rise in repossessions in the near future, but any more substantial movement would be dependent on the Monetary Policy Committee, which is responsible for setting the base rate.

"The longer the timeframe before bank rates start to go up, the less quickly I think we will see repossessions go up because clearly one thing that would tend to push repossessions up is if interest rates go up too quickly," he said.

Mr Boulger was speaking after the publication of research from Shelter which showed that people in Corby in the East Midlands are the most likely to have their homes repossessed.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-800598328-ADNFCR

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