Those currently experiencing loan charges may be among the 42 per cent of homeowners who are concerned about interest rate rises that may occur in the future. The Bank of England's Monetary Policy Committee today voted to keep interest rates at 0.5 per cent, which means rates have now been at this historic low level for 25 months. Despite this, research by Moneysupermarket.com showed that homeowners are concerned about rate increases because of mounting speculation that interest rates will rise at some point this year. Kevin Mountford, head of banking at the price comparison website, said: "The danger is, when rates rise … many people will find they don't have the spare cash to fund the increases in their monthly payments. "Borrowers need to be aware that a rise of even 0.5 per cent will have a big impact on monthly expenditure, especially with family finances being stretched to breaking point." Findings also show that interest rates on loans of £5,000 have crept up by 0.72 per cent over the past two years. Samantha Clarke Samantha is a former banking assistant and has over ten years experience in retail banking.
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