Press Release Summary: Even after the recent interest rate cut in December, many homeowners in the UK are still facing problems in repayment of their home loans.
Press Release Body: London (loans-park) 24 January, 2008: A data from the Bank of England shows that close to one million homeowners in the UK are continuing to face problems in mortgage repayments, despite a reduction of 0.25% in the base rate of interest in December.
The data from the Bank of England shows that another two million people are facing occasional problems with their mortgage repayments, apart from the one million for whom it is a regular struggle. Financial experts say that the situation is likely to worsen further as a result of the credit crunch situation. Secured loans, mortgages and personal loans are becoming difficult to come by as the credit crunch in the financial markets is showing its impact.
Some consumers and retailers were anticipating a back to back interest rate reduction in January. However, the official records of the meeting of the Bank of England's monetary policy committee shows that the interest rates were put on hold in January by a vote of 8 to 1. In the meantime, strong indications have come from the central bank's Governor that interest rate might be slashed next month, though not by a big margin.
Governor Mervyn King termed the year 2008 as a biggest challenge before the Bank ever since it started managing interest rates in 1997.
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