Mortgages wont be affordable if interest rates rise. Just seen this article that was posted a couple of days ago

http://www.thisismoney.co.uk/money/mortgageshome/article-2348973/The-mortgage-timebomb-high-house-prices-low-rates.html

Interesting that now he is departing, the Governor of the Bank of England is covering his backside by warning about families not having paid down enough debt whilst interest rates have been so low. Cant recall what actions he has ever taken or speeches Mervyn King made to discourage borrowing either by households or the government! Seems to me he has been complicit in our ballooning debts.

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