Liberal Democrats in Business

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Interest Rate Rise Will Cost First Time Buyers £250 A Month - Cable

12.00.00am GMT Thu 5th Feb 2004

Commenting on the decision by the Bank of England to raise interest rates, Vince Cable MP, Liberal Democrat Shadow Chancellor, said: "People want to know that their homes are secure in uncertain times. This rate rise is going to cost an average first time buyer £250 extra a year on their mortgage."

"The Bank is desperate for a soft landing in the housing market and a reduction in personal borrowing, without crushing manufacturing."

"Gordon Brown must urgently address the failures that have allowed banks to lend irresponsibly and fuel unsustainable levels of debt."

ENDS

Notes to editors £250 a year figure based on the extra amount paid on an interest only mortgage by a first time buyer with a mortgage of £100,000 (source: Halifax 4th February 2004).

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[Previous news story]: House Price Hike Will Hit First Time Buyers (Wed 4th Feb 2004).
[Next news story]: 36,000 Declared Themselves Bankrupt In 2003 - Bruce (Fri 6th Feb 2004).

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