Photo source: Property Wire http://bit.ly/2xR0h2h

There have been a lot of whispers about Bank of England lately and the assumed raise of interest rates.

Any type of raise would clearly influence home owners, but here’s an example of how a small increase can look like for a monthly budget: a 0.25% rise of rates would mean that a typical variable mortgage repayment could cost an extra £13 a month. However, switching to a fixed rate deal could save borrowers £119 per month.

But, as the latest research suggests, the homeowners are not prepared for a raise in this sector. 68% do not actually know how a base interest raise can affect them.

Knowing the risks and the implications is vital to choosing rightfully, at least when it comes to money.