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The Bank of England to lower rates further
The recent cut of the interest rates by the Bank of England has come as welcome relief to millions of homeowners. Industry comentators say they are confident that the rate will fall further and could go down to as low as below five per cent by the middle of 2008.
It is thought that as many as a million home owners are currently struggling to meet their payments and that a further 1.8 million have already experienced late or missed payments to their current lender.
Home repossessions are up and will unfortunately reach 70,000 during 2008. First time buyers are finding it an increasingly difficult task to jump on to the property ladder with latest figures showing that the number of first time buyers in London has fallen by 40 per cent, the total number of buyers was 40,000 down on the 70,000 first time buyers back in 2002. Out of the 32 London boroughs only 2 had any properties within an achievable price bracket for first timers. The average deposit laid down by first time buyers is 62k
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Your property may be repossessed if you do not keep up repayments on your mortgage.
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