With the economy still in a recovery status many experts and non-profit organizations are warning many home owners to be wary about what any increase in interest rates or mortgage costs could mean to them. In fact, according to recent polls conducted by the charity known as Shelter, it is estimated that roughly 5.4 million homeowners throughout the country that are relying upon mortgages to keep a roof over their heads may find themselves in dire standings should interest rates increase at all over the current low mortgage rates made possible by lenders.

The sense of security that roughly one third of all mortgagers currently have over their finances is seen as a direct result of both decreasing repossessions in the current year along with the continuation of record low interest rates by the Bank of England – having a very positive effect upon both tracker and fixed-rate mortgages. This has allowed many households to even take on reasonable bad credit mortgages in order to help them recover from any hardships they may have faced over the past year, though most people are still relying upon the low rates to remain low in order to manage their monthly payments accordingly.

A combination of continued salary freezes, poor market conditions, layoffs and other side effects of a bad economy are all expected to contribute to the continued poor property conditions should things not continue to recover properly according to many economists – something that is a very realistic scenario should the recovery falter even slightly in either the short or long run as it could easily be a drastic rise in negative real estate trends.

Currently as of the end of March there has been roughly an 8% decrease in overall repossessions throughout the UK as compared to the rest of the first quarter of the year, with a roughly 26% decrease over the same period in 2009. While these trends are positive home owners are still warned to exercise caution when navigating the market.