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BBC News - Homeowners 'must prepare now for an interest rate rise'

Aaron Strutt Image

Borrowers must prepare now for a rise in interest rates, a charity says, with over a million homeowners never having experienced a Bank rate increase.

Mark Carney, the Bank of England governor, last week said that a rise in the Bank Rate was "drawing closer".

The Money Advice Trust said this offered only a "short window" for people to organise their finances.

More than a million mortgage holders have only ever owned a home when rates were falling or frozen at 0.5%.

Aaron Strutt, of Trinity Financial mortgage brokers, told the BBC: "Unless something drastic happens to the UK economy, it is unlikely mortgage rates will rise significantly until the Bank of England actually increases the base rate. The price war is still very active."

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