According to the latest figures from Halifax, 43 per cent of homeowners are concerned about how rises would impact their monthly repayments, with improvements in economic statistics suggesting that a rate rise could be pushed through at the start of 2015.
Those most likely to be concerned regarding rate hikes are women, people living in London, those aged between 35 and 44, and people with variable rate mortgages.
Furthermore, nine per cent admit that they would struggle to afford their monthly repayments if the amount increased by anything whatsoever, while 19 per cent said an increase of between £25 and £74 each month would prove to be a stretch.
“As a homeowner its always prudent to regularly examine how you would manage your finances if your monthly repayments were to increase and what you would do should your circumstances change,” mortgages director at Halifax Craig McKinlay remarked.
Earlier this month, the Bank of England confirmed that the base rate would be maintained at 0.5 per cent. It has been unchanged since March 2009, which will no doubt have given peace of mind to many homeowners in the UK.