An interesting infographic from the Money Advice Service on how to prepare for interest rate rises.
Most people in the UK with an ear to the financial ground will be aware that the Base Rate (the rate set by the Bank of England that affects mortgage interest rates in the UK) has been at an exceptionally low rate of 0.5% for a good few years now since the ’08 financial crisis.
The question is what will happen when the base rate rises? How will this affect the typical homeowner with a mortgage?
As well as a guide to the above, the infographic also looks at some simple ways of saving money around the house, that could offset the impact of a rise in the base rate.
View the infographic below, or click here to view it in full on the Money Advice Service website.
Source: Money Advice Service