For the past seven months the base interest rate in the UK has been at an all time low of just 0.5 percent, which is the lowest it has ever been in the history of the Bank of England, which spans over three hundred years.
However, whilst the low base rate has been welcomed by consumers and industry groups many have already predicted that it is only a matter of time before the base rate starts to rapidly rise again, which is expected to happen as the country pulls itself out of recession.
With this is mind some industry officials are now urging homeowners to consider fixing their mortgage rates whilst they are still low, as they could otherwise find that their mortgage interest rate and monthly repayment goes through the roof once interest rates start to rise, which could ultimately mean that they struggle to keep up with repayments and could therefore lost their home.
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