PPI Claim News - 3/3/2010

Loan Claim: The only way is up for house rates

With the Bank of England (BoE) base rate at a current low of 0.5 per cent, interest rates can only increase in the near future.

The BoE base has revealed that its rate could reach 6.5 per cent over the next five years, which although it is not a fast-paced incline, it could have an accumulative affect on the house loan market.

British banking giant HSBC attributed the supply and withdrawal of "enormous" financial support from the government as a key factor in the potential rate increase.

"The reality is over the next four years, the £300 billion in support to lenders in the form of the Special Liquidity Scheme and Credit Guarantee Scheme needs to be repaid," it commented.

"It is hard to imagine that this process will not add to volatility in mortgage pricing for homeowners."

The predictions come after the number of approved mortgages fell by 17 per cent from December 2009 to January this year, according to the BoE's latest Lending to Individuals Report.

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