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UK Interest Rates Forecasts and Predictions for Home and Property in the UK at 13 7 2007
| UK Interest Rate: 5.75% UK Interest Rates Forecast: Increase to 6% likely later this year Mortgage Arrears On The Up - Interest Rates To Blame? A new survey by Moneyexpert.com has found that the number of people missing mortgage payments has doubled since the start of this year. 77,000 people a month are now missing monthly payments each month - up from 36,000 at the start of 2007. There's little doubt that rising interest rates are at least partially responsible for this problem - at least for the 40% of borrowers with variable rate mortgages - but other household costs are rising too. Sean Gardner, of Moneyexpert.com, was quick to emphasise that the situation is nowhere near as bad as it was in the early 90s, but is nevertheless a cause for concern: "We are a long way from the dark days of the late 1980s and early 1990s when more than a million lost their homes, but many households are struggling. Missing a mortgage payment is a real signal of distress and anyone in such dire straits needs to address the issue as soon as possible." Moneyexpert.com also found that on average, 44% of take-home pay is now spent on household costs - up from 33% in 2003. During that time energy costs and council tax have also risen substantially, as have house prices (and therefore borrowing) - so interest rates are not the sole culprit. Mortgage arrears are likely to continue to rise as more and more borrowers with fixed-rate mortgages come to the end of their fixed periods and transfer to variable rates, or new, higher fixed rates. With the vast majority of UK fixed-rate mortgages only offering fixed periods of 2-3 years, the next year is likely to see 15% - 25% of mortgage-holders reaching the end of their fixed-rate periods and having to transfer to higher interest rates. |
Latest Interest Rates Forecast in the UK
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Interest Rates Forecast to 6/7/07
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