Financing analyst admits mortgage holders may struggle by Finance News Bulletin

Published: 25/05/07

A financing analyst has recognized that many mortgage holders may be struggling to make trimmings meet as a result of the recent base rate choiceOn May 10th 2007, interest rates were raised to 55 per cent by the Bank of England's monetary policy committee - their highest height in six daysMoreover, it represents the fourth time in under a day that the Bank has increased the base speed by a quarter of a percentage point

Adrian Coles, manager general of the Building Societies Association, recognized that the latest decision may be a rise too distant for some mortgage holders"For people on variable-rate mortgages, the increase in the interest rate will see their mortgage expenditure rise," he said"For some, especially people who have also taken out personal loans or credit cards, this could denote a problem paying the mortgage"It is thought that one of the reasons for the Bank's move is to try and cool down the UK accommodation market

Earlier this year, financial services provider Nationwide Building Society reported that annual home cost inflation had reached 102 per centInterest rate worries fuelling fixed-rate mortgages, financing psychoanalyst argues - Thu, 10 May 2007Today's Most Popular Results Mortgage Enquiry Form Need Life cover ------ Mortgages - Information Mortgages - Home ------ Financial armed forces - HomeNone of the information on this website is intended to endorse any specific mortgage product or provide mortgage advice

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