Homeowners in the UK can expect more security with interest rate insurance . Five million households on a variable-rate could take out insurance against rising interest rates .
The move, which has been talked about for many years, was unveiled as part of the Housing Finance Review . It is among several proposals to improve the housing market by giving homeowners a greater level of security, increase the housing stock in the UK, and help key-sector workers get onto the housing ladder.
An interest-rate insurance product could cost as little as £9 a month on £100,000 mortgage, say financial experts.
MarketGuard welcomed the idea of an insurance against interest rates . The company is hoping to offer such a product by the summer. They said:"There is very little enthusiasm from borrowers to be tied into a 25-year mortgage. Being insured against interest rate rises could be the answer."
Budget 2008: Homeowners offered interest rate insurance
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