Will base rate worries encourage people to consider flats to rent?
More people may consider flats to rent in the London borough of Sutton, as one firm says increases in the base rate will be "catastrophic" for borrowers.
Moneysupermarket.com pointed out that the Bank of England's Monetary Policy Committee is expected to keep the base rate at 0.5 this week.
However, when this does begin to rise, 27 per cent of Brits admitted they will be concerned about their mortgage repayments.
Kevin Mountford, head of banking at the company, said people are used to having more money each month as a result of low interest rates.
However, he added: "While it is expected that the base rate will creep up slowly, consumers need to understand the effect this will have on their finances and plan accordingly."
Similarly, the National Landlords Association recently claimed economic concern means Brits are unsure about purchasing a property, which is leading to increased rental demand.
Posted by Martyn Glynn
Published 8th September, 2010
© 2010 Estates IT Limited
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When the base rate rises in the UK, many people claim they will be concerned about their mortgage repayments.