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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 cut `will help some struggling borrowers`

10/10/2008

The cut in the UK`s base rate of interest announced earlier this week by the Bank of England`s (BoE`s) Monetary Policy Committee will help some struggling borrowers, an industry body has suggested.

According to the Building Societies Association (BSA), the reduction will assist people who have taken out variable rate home loans.

However, it went on to say that consumers with fixed-rate deals and those linked to money market rates may not benefit immediately because the rates of such mortgages are not determined by the base rate.

The BSA added: "Although [the] news will clearly help those with repayment difficulties, borrowers who still think they might encounter problems repaying their mortgage should get in touch with their lender as soon as possible."

On Wednesday of this week (October 8th), the BoE announced it was lowering interest rates from five per cent to 4.5 per cent as part of an international effort which saw similar action taken in the US, Europe and China.

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