Poll
62% of homeowners don’t fear base rate rise
According to a survey commissioned by Loan.co.uk, over two thirds of Brits have stated that a UK base rate increase would only incur little to no impact on monthly budgets.
Loan.co.uk’s study found that 22 per cent of participants thought a 0.5 per cent rate increase would not affect monthly budgets at all. In addition to this, 40 per cent agreed it would only impact slightly.
Paul McGerrigan, Chief Executive of Loan.co.uk, said: “The Bank of England has told us that when rates eventually do rise, they will do so gradually, which is encouraging.
“If we do see the first rate rise in the next 12 months in line with economic forecasts, it won’t be large and borrowing rates, whether it be for a mortgage or a secured loan, will remain low.”
The survey which questioned 2,000 people found that just over 20 per cent think that a rate rise would squeeze their disposable income “quite a lot”.
While 10 per cent answered that they “didn’t know” how it would affect them, seven per cent admitted it would have a “significant impact”.
Just over 60 per cent of those surveyed expect the base rate to rise by at least 0.25 per cent in the next year and 45 per cent predict a jump of 0.5 per cent or more..
Paul added: “The results of the survey show that households recognise that although the base rate can’t stay at 0.5 per cent forever, it appears it won’t rise sharply, as in the past.
“This, combined with an increase in disposable income as a result of falling oil prices and the knock on reduction of shop prices, means consumer confidence appears to be higher than it has been for several years.”
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