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Eurozone crisis forces up mortgage rates for UK home owners
Aberdeenangarse
Posts: 1,262 Forumite
Home owners could be forced to pay much higher mortgage rates if the eurozone summit fails to resolve the crisis.
The Bank of England may have kept Bank Rate on hold at 0.5pc again, but home owners should not be fooled into thinking that lenders are equally inactive when it comes to their mortgage rates
http://uk.finance.yahoo.com/news/Eurozone-crisis-forces-tele-1115517938.html;_ylt=ArusBudtWx7iQlX7iDqNCfnSr7FG;_ylu=X3oDMTE4Z3VoN2M2BHBvcwM2BHNlYwN5ZmlUb3BTdG9yaWVzBHNsawNldXJvem9uZWNyaXM-?x=0
Mr Boulger fears that the eurozone crisis will end in tears and the result will be that mortgage lenders will have no choice other than to reduce lending. "The cost of those funds they can obtain will increase even further and this, plus reduced competition, will result in further increases in rates for new mortgages. Even worse, the lack of funds available to lend will mean the recent improvement in the availability of higher loan-to-value mortgages will go into reverse."
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