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Interest Rates Go Up Again

The Bank of England has just announced a quarter of one per cent rise in interest rates and the mortgage companies look set to follow suit. Bank rates now stand at 5.5%.

Despite having one of the highest rates of interest amongst the prosperous countries of western Europe, the UK is still beset by worries about controlling inflation. Some analysts are predicting that 2008 will see inflation take off and interest rates will rise even further in an attempt to quash consumer spending. This pessimism was reflected by the predictions in some quarters that the recent rise would be half, rather than a quarter, per cent. Fortunately for borrowers, that prediction proved inaccurate.

For savers higher interest means good news, but for those with mortgages the outlook is more gloomy. Recently mortgage lenders have been prepared to offer borrowers unusually high multiples of their salary and combined with the number of people who choose to lower their repayments by opting for an ‘interest only’ loan, the percentage of people who will be adversely affected by the recent rise is bound to go up.

If you are struggling to meet repayments and have mortgage arrears, contact Property Rescue to discuss the options open to you. Don’t leave it until you are under threat of repossession because by then the situation will be critical. Property Rescue guarantee to make an offer to buy your home, and carry out all consultations in complete confidence.

11 May 2007. Interest Rates | Comments (0) -

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