Response to Bank of England Interest Rate Cut
Shelter Scotland
04/12/2008
Region : All
Contact: Christina Cran, Nicola Baxter, 0844 515 2442 (connects to out of hours)
Shelter Scotland, the housing and homelessness charity, today welcomed the 1 per cent interest rate cut and challenged banks and mortgage lenders to pass the saving on to help hundreds of thousands of struggling homeowners.
Shelter Scotland Director, Graeme Brown, said: "Despite this being the lowest Bank of England interest rate for over half a century, some mortgage lenders are still using the rate cut to protect their own profits rather than passing them on to hard up homeowners.
“This rate cut could make a massive difference to hundreds of thousands of families struggling to balance the financial demands of the festive period with sky-high mortgage repayments so we will be watching carefully to make sure lenders who didn’t pass it on last time, do so this time.
If passed on it would mean a household paying a mortgage of £150,000 would see an average monthly saving of around £91.
Brown added: “Shelter is calling on lenders to give struggling customers the best Christmas present they could have and urgently cut mortgage rates.”
ENDS
Shelter expects almost 125,000 people will have logged on to its mortgage help and advice web pages by the end of this year - an increase of 54 per cent on 2007.”
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