Friday, June 18, 2010
So they are still shopping for rubbish then
Home owners are failing to repay large amounts off their mortgage despite historically low interest rates, a new study has suggested. When the Bank of England cut interest rates to 0.5 per cent more than a year ago, it was thought the move would allow home owners to use the spare cash from lower mortgage payments to make overpayments on their loans. But a report from Capital Economics suggested lower rates have failed to help households to reduce their loans by as much as expected.