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    Interest rate rises, even if they’re just increased by one quarter of a point, can have a devastating effect on homeowners. When a lot of people decide that they can afford a mortgage, they simply factor in the cost of their monthly mortgage payments as quoted at the time into their overall monthly expenditure so when interest rates suddenly rise, their incomes don’t and this
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    nt, can have a devastating effect on homeowners. When a lot of people decide that they can afford a mortgage, they simply factor in the cost of their monthly mortgage payments as quoted at the time into their overall monthly expenditure so when interest rates suddenly rise, their incomes don’t and thi
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    that they can afford a mortgage, they simply factor in the cost of their monthly mortgage payments as quoted at the time into their overall monthly expenditure so when interest rates suddenly rise, their incomes don’t and thi
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    penditure so when interest rates suddenly rise, their incomes don’t and this can have a profound effect on their ability to balance the books in their budget.

    This is of more concern for those who have taken out a fixed rate mortgage over a pre-determined length of time whereby any kind of interest rate rise can send them teetering over the edge of a financial precipice

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