Mortgage borrowers could struggle with monthly repayments if interest rates rose by as little as 2%, a Bank of England report has warned.
It continued: “One indication is that households accounting for 9% of mortgage debt would need to take some kind of action — such as cut essential spending, earn more income (for example, by working longer hours), or change mortgage — in order to afford their debt payments if interest rates were to rise by just one percentage point.
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