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SELL YOUR HOME QUICKLYCredit crisis leaves 20,000 jobless in London
There is no dispute – the credit crisis has impacted on every single Briton in some way or another. Whether you now pay more for food and other necessities, need to cut down on luxuries or have to stretch your budget to afford rising mortgage payments, nobody is immune to the effects.
Statistics released by S&P, CEBR, IMF and The Times show that 3 million households will see their mortgage payments increase this year. 1.4 million homeowners will face steep payment increases as they come to the end of their fixed-rate mortgages this year, with the average mortgage payment expected to rise by £150 per month.
Things are not looking any better for first-time home buyers. Those looking to get onto the housing ladder will now require an average deposit of £7,500. Estimated repossessions have also increased by 50 percent to 45,000 for this year.
Darling to meet with mortgage lenders
Statistics like these have prompted Chancellor Alistair Darling to finally jump in and try to restore order within the housing market. Darling is expected to tell mortgage providers to pass interest rate cuts on to homeowners. In return, the lenders are offered easier and longer loans from the Bank of England, using a wider range of assets as security for loans.
They will reportedly also be told to help out householders who have hit difficulties. Darling is also expected to remind lenders of their duties to do all they can to avoid repossessions by reworking mortgages, and offering people lower monthly payments while extending the term.