Borrowers facing tighter criteria

5/10/2007

Director of Fair Investment Company, James Caldwell commented, “With a £200,000 mortgage, even a reduction of just a quarter of a per cent would mean a saving of £30 a month, which would have a significant affect on the average family’s monthly finances."

Many people speaking out alongside the decision to maintain interest rates have accepted that erring on the side of vigilance when carrying out the financial turmoil.

The Council of Mortgage Lenders has stated that it hopes for and anticipates a slice during November period.

Chief executive, Robert Bryant-Pearson of Allied Surveyors, commented: “A lost opportunity demonstrating a reactionary lack of imagination. It is essential to restore confidence to households and to ease the path for first time buyers and existing homeowners who are having to service expensive mortgages.

"A decrease of 0.25 per cent would have sent a positive signal which would prevent an untimely reduction in consumer spending and a host of property repossessions over the winter.”

The firms have agreed that 5.75 per cent is certainly the peak for interest rates due to the situation of the current market, any more increases, if this may occur, will be downwards.

A Stockbroker, Henk Potts commented “A key to future interest rate activities will be November’s Inflation Report; the consumer price index is now below the Bank of England’s target, but should return to target in the medium term.”

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