Wednesday, December 12, 2007
Doing a Dubya
David Cameron has called on mortgage lenders to be lenient with homeowners, who face an average increase of £200 in their monthly repayments when their fixed term comes to an end. The Council of Mortgage Lenders said on Wednesday that mortgage payments as a percentage of income are already at their highest level since 1992, when interest rates were 10% and the housing sector was in a slump. Cameron urged banks to consider tapering the rise in interest rates to prevent arrears and repossessions.