The unexpected recent interest rate rise by 0.25 percent to 5.25 by the Bank of England has led to a number of mortgage lenders dropping their fixed rate deals. Many lenders were unprepared for the increase and have changed what they offer as a result.
Higher interest rates mean bad news for home owners and analysts predict that mortgage defaulting and repossession will be on the increase during 2007 because of it. Citizens Advice voiced concerns about the impact on the growing numbers of customers unable to meet regular mortgage payments and even threatened with repossession.
Many homeowners will struggle with the increase, especially being so soon after the Christmas period. This will be the third rate rise within six months.
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