Interest rate falls will "ease the pressure" of credit crunch
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.
Share this..
Related stories
Icelandic repayment package rejected by voters
The Icelandic referendum on the repayment package to the UK and the Netherlands authorities has delivered a resounding no vote which now puts the Icelandic authorities in a very difficult situation. The multibillion pound loan provided by the UK and Netherlands governments, to compensate savers who lost money in the Icelandic financial collapse, has been a bone of contention for some time. So what...
Read MoreBT under pressure after changing evening call times
At a time when the UK telecom market is more competitive than ever before it seems a rather strange moment for British Telecom to risk the wrath of customers by changing the times at which UK customers can make free evening phone calls. The company is changing its "evening" start time from 6 PM to 7 PM which will impact on many of the company's 10 million customers. While customers will only ne...
Read MorePawnbrokers benefit from increased price of gold
While the price of gold continues to move higher and higher, as many investors look for alternative arrangements to protect their funds, pawnbrokers have benefited enormously over the last two years. A quick glimpse at TV in the UK will show a mass of new gold exchange adverts offering cash for your jewellery at a moment's notice. So how long can this continue?
Even though there had...
UK industry production in freefall
It has been revealed that the year-on-year fall in UK industrial production was a significant 12.5% in February 2009. This is the 12th straight month of industry production decline and the longest slump since the recession experienced back in the 1980s. The fall in itself is the largest since records began over 40 years ago and while there have been mixed reports over the last few days regarding t...
Read MoreDell to ditch ten per cent of staff
Computer giant Dell has announced plans to cut its workforce by about ten per cent over the next year.The move has been proposed following a cost-cutting review instigated by the PC maker, which has been struggling to maintain its market share due to growing competition from rival Hewlett Packard.However shares in US-based Dell rose in extended trading across the Atlantic as the company posted a j...
Read More