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Bank Woes Affect Homeowners Close to Christmas
24/09/2007
Problems with Northern Rock this month could mean more home repossessions before the Christmas party season. Sub-prime mortgages’ interest rates are up and easy credit terms are going to be a thing of the past.
Phillip Inman reports in the Guardian: “As many as 250,000 homeowners with poor credit histories might have to pay more or risk losing their homes as the after-effects of the Northern Rock debacle and the global credit crunch forced lenders to impose new restrictions on their loans, according to mortgage brokers.” Financial experts agree lenders are going to change their tune close to the holiday and Christmas party season. For homeowners who have a fixed-rate deal, lenders may be pushing up their rates and refusing loans to others. Inman also writes: “The freeze on lending by major banks to each other has pushed up borrowing coasts. The Northern Rock situation has made the situation worse, leaving sub-prime lenders with no alternative but to withdraw their loans or dramatically increase the price.” These changes in interest rates and lending habits may mean lower spending this Christmas party season. Retailers also point to trends that may mean consumers will not be hitting the high street as much as last year’s holiday and Christmas party season.  Click here for more on London's best events and Christmas parties.
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