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Rate hike could spell disaster, warns Citizens Advice

Citizens Advice has warned the increase in interest rates to 5.25% could spell disaster for people who are already struggling to meet their mortgage repayments.

Peter Tutton, policy officer with Citizens Advice, urges lenders to be sympathetic to customers who could struggle with their repayments following the rise.

He says: This is another rise in a short period of time that could hit some homeowners hard.

“We are already seeing a rapidly growing number of people failing behind with mortgage payments and in some cases threatened with repossession, and we know some people are taking on mortgages that stretch them to the absolute limit.


Broker banned for not disclosing conviction

A broker who failed to disclose a previous conviction for conspiracy to obtain property by deception has been banned by the Financial Services Authority.

Rate rise good news for first-timers, says says that the recent interest rate rise to 5.25% could be good news for first-time buyers wanting to get on the property ladder. Paul Holmes, chief executive of, says: “If house price inflation is now arrested as a consequence of three rate rises in quick succession then that is cause for some hope […]

RICS teams up with Xit2

The Royal Institution of Chartered Surveyors has revealed it will use Xit2 systems to help it implement and run its home inspector certification scheme facility. RICS will be regulating its certification scheme members who want to carry out Home Condition Reports following approval from the Department for Communities and Local Government.Building on its extensive existing […]

Beacon relaunches fixed range

Beacon Homeloans has enhanced its residential mortgage range with best buy rates and an expanded lending criteria.Interest rates on the fixed rate deals within Beacon Homeloans light, medium, heavy and fasttrack ranges have fallen and are now from 5.50% for the two-year fixed rate and from 5.40% for the three-year fixed rate products.Beacon Homeloans has […]

The return of inflation

Alex Ralph, manager of the Artemis High Income Fund, sees further pressure on government bonds as inflationary pressures build on both sides of the Atlantic.


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