Mortgage borrowers told to prepare for rate increase

By Natasha Adamson

Mortgage borrowers have been told they need to prepare for an interest rate increase by the Council of Mortgage Lenders (CML).

The CML delivered their message to mortgage borrowers against the background of falling property repossession figures, so they clearly feel that even a small interest rate increase could result in many home owners facing financial difficulties. It welcomed the Bank of England's reassurance that rate increases would be applied in small increments, and with a careful eye on the impact on mortgage borrowers.

Repossessions in Northern Ireland and the rest of the UK were down from approximately 6,400 in the first quarter to 5,400 in the second quarter, and the amount of people falling into mortgage arrears dropped to it's lowest level since Q1 of 2008.

If you are buying a property in Northern Ireland, or selling or remortgaging an existing house, contact one of the conveyancing solicitors at Wilson Nesbitt for information and advice by calling 0800 840 9290.