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As the UK economy continues to dive bomb towards recession the Bank of England has given its most blatant indication to date that interest rates will fall again in January. The indication was that...
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Monday 26th November 2007
With mortgage lenders "tightening their criteria" as a result of the global credit crunch, it is becoming "more difficult" for borrowers to obtain adverse credit mortgages, the Council of Mortgage Lenders (CML) said
However, CML spokesperson Sarah Robson predicted that with interest rates predicted to fall from 5.75 per cent to five per cent by mid 2008, the situation could well improve.
She explained that predictions of lower interest rates next year will ease the pressure on some borrowers, giving them "hope" of getting on the housing ladder.
She added that some homeowners with a poor credit history may be able to do something to improve their credit status, if when they took out their mortgage they consistently met mortgage repayments.
"If they did have a good credit history for five years straight, that would be taken into consideration - but their previous record would still be there," Ms Robson concluded.
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