Homeowners Continue To Face Loan Repayments Hardship

Mon, 28 Jan 2008

Many UK homeowners are still facing difficulties with home loan repayments despite the recent interest rate cut, according to the Bank of England .

Data from the BoE revealed that nearly one million homeowners in Britain are continuing to face difficulties with mortgage repayments, while an additional two million face occasional problems with repayments .

Financial experts have stressed the situation is likely to worsen further as the financial markets continue to be affected by the credit crunch, with secured loans, mortgages and personal loans becoming increasingly difficult to come by.

Some consumers and retailers were anticipating another interest rate reduction this month, but the official records of the meeting of the Bank of England’s monetary policy committee revealed that interest rates were put on hold in January by a vote of 8 to 1.

Governor Mervyn King said the year 2008 will be the bank’s biggest challenge since it started managing interest rates in 1997.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.