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Interest rate cuts `were not anticipated by consumers` Nearly half of young mortgage holders `need help from family` Abbey cuts mortgage rates New arrears guidance issued by CML Mortgage fraud `on the up` CML expresses concerns over sale and lease back schemes Business groups call for further rate cuts Interest rate cut `will help some struggling borrowers` Mortgage approvals `hit by continued market uncertainty` Company reduces rate of home loans Mortgage rates `to rise` Consumers `will be hit by reduced credit` `Nearly £20k` needed to secure a mortgage Borrowers urged to take advantage of good mortgage deals Mortgage lending falls in August Variable-rate mortgages `increasingly appealing to homeowners` Parents `relying on loans to cover school fees` Further mortgage rate cuts announced Remortgaging `on the rise` Mortgage lenders call for swap plan renewal

Record fixed-rate mortgage take-up `due to rising interest rates`

22/08/2007

Consumers are said to be "erring on the side of caution" when it comes to choosing mortgages, according to the Council of Mortgage Lenders (CML).

Figures from the CML show that a record number of first-time buyers are taking out fixed-rate home loans as rising interest rates are putting people off taking up variable rate mortgages.

The CML reports that the number of first-time buyers entering the market in June 2007 was the lowest for that month for three years, at 35,600. In June last year, 39,800 loans were arranged for first-time buyers.

CML spokesperson Christopher Dean said: "Clearly people are anticipating further rate rises and want to lock into the certainty that a fixed-rate mortgage provides. It allows first-time buyers or home movers to actually know exactly how much they`re paying out each month on their mortgage, so it gives them that payment certainty."

In early July the Bank of England increased interest rates to 5.75 per cent, the fifth such rise within 12 months.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according