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Interest rates decision 'disappointing' for homeowners
09/05/2008
The Bank of England's (BoE's) decision to hold interest rates at five per cent was "disappointing", according to the Council of Mortgage Lenders (CML).
Michael Coogan, CML director general, said that while the council does understand "the conflict between slowing economic growth and rising inflationary pressures", the BoE has had the opportunity to anticipate the current economic climate and act accordingly.
Mr Coogan advised borrowers that mortgage and housing market conditions will remain "challenging" and said that if they were getting into any problems then borrowers should seek financial advice.
Borrowers should do this as soon as they began to experience problems as approaching lenders early may mean they have "more options", he added.
Solicitors in Northern Ireland can help with support and advice for homeowners.
Inflationary pressures are believed to have been behind the BoE's decision to maintain current interest rate levels of five per cent.
Get a quote for residential property legal services
Michael Coogan, CML director general, said that while the council does understand "the conflict between slowing economic growth and rising inflationary pressures", the BoE has had the opportunity to anticipate the current economic climate and act accordingly.
Mr Coogan advised borrowers that mortgage and housing market conditions will remain "challenging" and said that if they were getting into any problems then borrowers should seek financial advice.
Borrowers should do this as soon as they began to experience problems as approaching lenders early may mean they have "more options", he added.
Solicitors in Northern Ireland can help with support and advice for homeowners.
Inflationary pressures are believed to have been behind the BoE's decision to maintain current interest rate levels of five per cent.
Get a quote for residential property legal services
