Homeowners hit by interest rate rise 'should seek help'

People who think they may struggle as a result of the increase in the interest rate should look to get help, it has been claimed.

Yesterday, the Bank of England's monetary policy committee voted to raise the base rate to 5.5 per cent - the fourth time the level has gone up since August 2006.

And homeowners reeling in the wake of the decision should contact their mortgage provider as "a matter of urgency", according to the director-general of the Building Societies Association, Adrian Coles.

"Talking to your building society is particularly important as further rate rises are still a possibility," he said.

He added that those with a fixed-rate deal are unlikely to be affected, but those on a variable rate should seriously consider taking counsel or risk potentially losing their home.

The latest increase in the interest rate comes after January's shock hike to 5.25 per cent.

Related Articles:
Take a year off mortgage payments with Nationwide competition
Dream home 'kept in mind by 60 per cent of Brits'
Property 'key goal for under 30s'
Most property buyers 'would look abroad to purchase'
Parents 'spend more time helping first-borns on ladder'