With a Bank of England rate rise expected late next year or early in 2016, now is an opportune time to get informed about the finer details of your mortgage. Once you've got your head around it, you will be well-placed to get yourself through the interest rate rise without too much impact, and potentially with more money to put aside for the things you love.
Interest rates will have to go up eventually, forcing people to sell when their monthly payments become unaffordable. Will the house of cards come tumbling down then? Or will London just be a sea of billionaires here for annual holidays in their London homes? Like Venice on a larger scale, a relic, empty of its original inhabitants.
When the recession hit, it wiped out livelihoods and decimated entire markets. In the face of a global slump, Britain's housing sector was no exception; buyers couldn't afford to buy and builders couldn't afford to build. Over the course of several years, the pace of the property market dropped from jet stream to tumbleweed and the UK was left with an increasingly problematic housing deficit.
Perhaps one of the most positive outcomes of the recent economic crisis was the message that consumers would benefit from saving more and borrowing more responsibly. So accessible were interest free loans, 105% mortgages and credit accounts that consumers came to believe they could afford anything, irrespective of their financial circumstances.