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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

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.

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