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UK mortgage holders ready for rate hike by tightening belts -poll
August 6, 2014 / 4:20 PM / 3 years ago

UK mortgage holders ready for rate hike by tightening belts -poll

LONDON, Aug 6 (Reuters) - British mortgage holders are cutting back on spending in anticipation of an interest rate rise with one sixth thinking a hike would have a very negative effect on their personal finances, a poll said on Wednesday.

Half of mortgage holders interviewed in the ITV News poll conducted by ComRes said they are cutting expenditure in case a rate rise happens soon. Only 39 percent said they were not, with 12 percent answering “don’t know”.

Among all British adults, one third said they were cutting spending for the same reasons, although half of homeowners without a mortgage think a rate hike would have a positive effect on their personal financial situation.

Economists polled by Reuters last week said they expected the Bank of England to keep interest rates at a record-low 0.5 percent until February 2015. The BoE concludes its two-day August policy meeting on Thursday. (Reporting by Tess Little; Editing by William Schomberg/Mark Heinrich)

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