Consumers have been turning to independent financial advisors (IFAs) in the first half of 2007, with many seeking advice on their mortgage.
[UKPRwire, Thu Sep 27 2007] Unbiased.co.uk says that 280,000 requests for details of IFAs were received between January and July.
Mortgages accounted for 22 per cent of all enquiries, with rising interest rates likely to be causing financial difficulties for many homeowners.
The Bank of England's Monetary Policy Committee (MPC) is meeting on September 6th to announce whether or not the base rate will be included for a sixty time in 13 months.
Most commentators expect that the MPC will choose to maintain rates at their current level of 5.75 per cent.
However, Howard Archer, chief UK economist at Global Insight says that a future increase to six per cent remains a "distinct possibility".
Anyone struggling to pay their mortgage or fearful that they may fall into arrears if interest rates rise may wish to consider a quick property sale. The UK's leading fast property purchase firm National Homebuyers says a further rate rise will cause yet further problems once Christmas has past.
National Homebuyers Director Julian King "When the first credit card bill and mortgage payment request arrives at the end of January, there will be a series of people that will find that owning their own home is becoming unaffordable.
"Should Mervyn King agree to a further rate rise, it will simply put owning their current home off the scale for many owners in the UK.
"Those exiting from their comfortable fixed-rate argeements will be hit even further. As such, we anticipate a huge increase in enquiries from people who feel that selling their home quickly is their only solution".
National Homebuyers is the UK's leading fast property purchase firm, guaranteeing a quick sale on any property surveyed for homeowners who need a quick sale of their home for whatever reason. The company also arranges an equity release solution, "Sell and Rent Back", this allows the homeowner to sell their property for cash and remain living there as a tenant for as long as neccessary.
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