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@Stonehedge
You don't have to go many years back to find a time when mortgage interest rates were 10%+.
I met a bloke the other day who had an introdutory rate of 17%.
Worksheet 3: http://www.bankofengland.co.uk/statistics/rates/baserate.xls
I'm not saying that rates are suddenly going to jump up but it won't take much of a shift towards the more historically typical rate of 5%+ for people to feel the pinch badly.