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Struggling mortgage holders `should seek advice` Remortgage enquiries `rise in June` Mortgage approvals `up in June` UK mortgage market remains weak, CML says Consumers `should avoid lying on mortgage applications` BoE releases Trends in Lending report Brits `prioritising debt repayment` "Sensible lending" needs to be restored for home buying Many households `to miss mortgage payments` Homeowners `increasingly paying off mortgage debt` Booklet produced for those facing mortgage repayment problems Local authority defends decision to offer 100% mortgages Mortgage lending levels `still low` CML welcomes campaign on repossessions Consumers `increasingly offsetting savings against mortgages` Banks `should be encouraged to provide more mortgages` Younger and richer people `benefiting more from mortgage reductions` Bank of England cuts base rate Negative equity `concerning UK mortgage holders` Interest rate cuts `were not anticipated by consumers`

Interest rate freeze `not helpful to first-time buyers`

11/07/2008

Yesterday the Bank of England`s Monetary Policy Committee (MPC) announced its decision to keep the interest rate at five per cent.

The announcement to maintain the bank rate paid on commercial reserves came at noon.

However, this will "not provide any solace" to first-time home buyers, an expert has said.

Conveyancing firm Convex said the situation was "tough" for people trying to get onto the property ladder.

Duncan Samuel, managing director at Convex, said: "Although asking prices are coming down, mortgage rates are at an eight-year high and most prospective buyers are being asked for deposits of at least ten per cent, so things are still very tough, particularly for first-time buyers."

The MPC are likely to keep interest rates at this level in the coming months to "wait and see" what will happen next in terms of rising inflation and economic difficulties, Mr Samuel predicted.

Convex specialises in conveyancing online, introducing clients to solicitors and conveyancing specialists.

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