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Homeowners promised an interest rate mortgage cut

23/04/2008

When the inter-bank lending rate decreases, homeowners have been promised an interest rate mortgage cut.

These differences will come to 1.4 million mortgage holders who are currently suffering a "payment shock" with a deep increase in keeping up with all mortgage repayments.

Building societies and banks are trying to create ways to give a hand out to mortgage payers in trouble to pass a jagged increase in the number of repossessions this year.

Finance and Leasing Association, Stephen Sklaroff commented: "There are many things that can be done. The important thing is that people communicate early and effectively with their lenders so that action can be taken."

Director general, Michael Coogan from the Council of Mortgage Lenders also shared his half: "The most difficult period for payment shock was last year. Customers have been managing it and we were able to report that arrears are still below our forecasts."

Mortgage lenders feel that the inter-bank lending rate will drop once the Bank of England's act to increase liquidity feeds through into the market sector.


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