A high number of homeowners in the UK are worried about mortgage rates, new research has shown.
Carried out by Which?, the study revealed half the population are concerned about the issue, while 26 per cent of those with a home loan are also fearful that their house might be repossessed.
The consumer group has consequently urged the Treasury to introduce stricter obligations for banks participating in the Funding for Lending Scheme to help address the problem.
It was shown that many of those in the 30 to 49 age range are unlikely to switch when the rates climb and feel trapped in their current home loan deal.
In addition, this group is having to contend with the highest housing related costs of all age brackets, typically spending £186 a week – markedly more than the UK average of £135.
Richard Lloyd, executive director at Which?, noted: “The housing market is failing not just one but two generations of consumers, with many mortgage prisoners trapped on their current deal and young people excluded from the housing market altogether.”
