Mortgage owners cut back spending
Close to 50% of mortgage borrowers have reduced their outgoings, fearing an imminent rate rise, according an ITV news poll.
The survey of 2,021 British adults has shown a divide in the UK, with 27% believing rate rises will have negative impacts on their lifestyle; whereas 28% are looking forward to an increase, as savings will benefit and rates have been low for far too long. The trend has been for spending to decrease as 50% of the UK has cut down on their outgoings and started to save in anticipation of higher repayments.
Mark Carney, governor of the Band of England commented recently that rates could rise sooner than previously expected, however any increase is likely to be small and gradual, giving borrowers and the economy time to adjust.
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