Rising interest rates are becoming a major concern for many UK homeowners, with regards to potential debt vulnerability.

According to a new study, it is highly possible that cracks will soon start to appear in the homeowner market, as many mortgage payers are already struggling to meet their financial commitments.

On the other side of the coin, experts fear that first time buyers are biting off more than they can chew with regards mortgage products such as the 125%’er. To presume young people who are making their first leap on the property ladder, will be able to consistently afford high repayments associated to such mortgages, is unrealistic and will eventually result in serious financial hardships.

So far this year, interest rates have rose on four separate occasions and analysts predict that a further rate rise later this year, could see the national base rate reaching the 6% mark. If rates do reach this historic level, many experts predict that a market “correction” is inevitable.

If you do have concerns about your current financial stability and/or commitments it is important to seek help early on. If you would like free debt help or advice please complete the form overleaf.