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News Release 10th May 2007CONCERN FOR HOUSE OWNERS WITH MORTGAGESWith news that the Bank of England has increased interest rates to 5.5%, Michael Fabricant says "Many home owners in Staffordshire will begin to feel the pinch now that interest rates are now at their highest since 2001 - and they are likely to rise still higher. I am concerned for the plight of many new home owners with expensive housing in Lichfield and Burntwood and other parts of the west midlands who may find difficulty making mortgage repayments in the months to come. "This bad news will have been smothered by the bigger news today of Tony Blair's resignation, but Citizens Advice Bureaux and other advisory bodies should be braced for enquires from worried borrowers. I shall be monitoring my own postbag very closely in the months to come." |
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