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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`

Borrowers `in for new year cheer`

26/11/2007

Next year will be a better time for mortgage holders, as a drop in interest rates will relieve financial burdens, an industry expert has claimed.

The recent credit crunch has meant that it has become "more difficult" for borrowers, with lenders "tightening their criteria" significantly, the Council of Mortgage Lenders (CML) said.

However, the CML predicts that the Bank of England will decrease interest rates from the current 5.75 per cent level to five per cent during next year. This would make it easier for borrowers to repay their mortgages and improve the chances of those with poor credit history getting mortgages approved.

CML press officer Sarah Robson commented: "The general expectation at the moment is that there will be a reduction in interest rates next year. That will ease the pressure on some borrowers."

The CML is the trade association for the mortgage lending industry.

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