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Mortgage borrowers will be ‘caught off-guard’ by rising rates, the Government’s advice body warns.
Half of all mortgages borrowers would be unable to afford a £150 rise in monthly bills if interest rates rose, the Government’s advice arm said today as the Bank of England called for emergency powers to block dangerous loans.
Interest rates are expected to start rising from their record lows next spring, putting pressure on millions of families struggling with the rising cost of living.
The Money Advice Service, which was set up by the Government and is independent, said 56 per cent of mortgage borrowers had “no contingency plan”.