Interest rates unlikely to be cut according to National Homebuyers
It looks as thought the base rate of interest will not be cut tomorrow (January 10th), potentially plunging more people into financial difficulties.
[UKPRwire, Fri Jan 11 2008] New research shows that the majority of financial analysts do not expect the Bank of England's Monetary Policy Committee (MPC) to announce a cut.
A reduction in rates would be welcomed by anyone in financial difficulties but HSBC said that it looks unlikely.
"We are not going for a rate hike," read a statement from the firm.
"The main reasons; just in terms of the inflationary outlook, we have seen the utility hikes in the last month and also the recent movements in sterling will be a inflationary concern.
"The risks have not been coming from one direction in terms of the inflation side of things," it continued.
National Homebuyers says many people are struggling with high mortgage payments because their rates were not reduced despite a cut to the base rate in December. "Many more people will be facing financial difficulty leading to possession orders in 2008" says director Julian King.
"Our - and many other - City analysts are confident in a 50 per cent increase in the number of repossessions by the end of this year.
"We strongly advise those in a sticky financial situation to act quickly in order to save their property."
National Homebuyers are the UK's leading quick sale property firm. They also provide a series of mortage rescue schemes such as Sell and Rent Back, where the homeowner can sell their property for cash, while remaining living in their home as a tenant.
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