Bank of England Base Rate has risen again – for the 13^th successive month – and now stands at 5.0 per cent.

Mortgage holders inevitably face a rise in interest rates, although quite why is uncertain because banks seem to be using mortgage rate hikes to boost their profits rather than savers’ returns so could simply ease the squeeze. At this time, it’s tempting to look for someone to blame.

Far better is to stand back and calculate how to ease the pressure if you are beginning to feel the pinch or realise it’s coming down the tracks.

An important thing to remember is that most mortgages never go to full term, principally because at some time there is a house move and that resets the clock. So changes made now to ameliorate the impact of mortgage rate rises are likely to be temporary, a quick fix.

If you are facing problems, or can see them coming, talk to your lender in good time. Waiting until you are in too deep is not good. Most lenders don’t want to call in a loan and repossess the property. They are left to make a distress sale and will likely make a loss they can’t recover.

There have been property market storms before that are far worse than this one. Experts have worked out how to deal with them and reduce the pain as much as possible.

Whatever you do, don’t attempt to brazen it out. The worries will build, along with the debts. Help is at hand, seek it out.

Colin Shairp,

Director, Town and Country Southern Estate Agency Drayton.<