Liberal Democrats in Business

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Further interest rate rise will hit homeowners hard - Cable

1.12.00pm BST (GMT +0100) Tue 8th May 2007

Dr. Vincent Cable MP

Liberal Democrat Shadow Chancellor, Vince Cable MP

Commenting on figures published today by the Council of Mortgage Lenders showing that mortgage affordability is at its lowest level for 16 years, Liberal Democrat Shadow Chancellor, Vince Cable MP said:

"These figures clearly highlight the difficulties facing first-time buyers across the country.

"While it is reassuring that many first-time buyers are taking out fixed rate mortgages, this week's expected rise in interest rates will put many other home owners under more severe financial pressure.

"The fact that the number of first-time buyers is down 8% year on year could indicate difficult times ahead for the housing market."

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