Interest rate rises affecting mortgage repayment
www.moneynews.co.uk > Mortgages > Interest rate rises affecting mortgage repayment
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Money News |
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Interest rate rises affecting mortgage repayment
Mon 9th Jul 2007
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According to the online price comparison site moneysupermarket.com, some 36,000 homeowners defaulted on mortgage repayments each month in 2006, a figure which has more than doubled to 77,000 per month in 2007.
Consumers between the age of 35 to 44 are most likely to miss payments, with some three per cent having defaulted over the last two quarters.
In the face of inflationary pressures, the Bank of England has increased the base rate by 1.25 per cent to 5.75 per cent since August 2006, with many economists speculating that further rate rises could be on the way.
Sean Gardner, chief executive of MoneyExpert.com, said: "Missing a mortgage payment is a real signal of distress and anyone in such dire straits needs to address the issue as soon as possible."
He added: "Anyone who has missed a mortgage payment should for a start be talking to their lender and letting them know what is going on."
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