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Latest News » Many Homeowners To Remortgage
Another interest rate rise could lead to millions of homeowners choosing to remortgage their homes to cope with rising repayments, according to a new report.
Research found that over seven million people would be "pushed" into remortgaging if their repayments increased by £100 following a rate rise.
A further 2.6 million said that they would opt to do this if their payments increased by £50 each month.
With many saying they will be forced to remortgage if their monthly payments increase it is staggering more borrowers have not yet factored this in.
It is recommended home owners start budget as soon as they can incase of another rise.
Earlier this week, Howard Archer of Global Insight suggested that that the base rate of interest would rise to 5.50 per cent this month, as the Bank of England moves to counter rising output prices.
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