Your location: Shelter welcomes rate drop
6 December 2007
Shelter chief executive Adam Sampson has welcomed the first cut in interest rates in two years, but warned that it will only have a positive impact if mortgage lenders 'pass on the saving to their customers'.
The drop of a quarter of a point to 5.5%, announced today by the Bank of England, could bring some relief to homeowners.
But Mr Sampson said: 'although welcome, the fall is not itself a fix for the thousands of people who will still struggle to pay their mortgage every month, and those who have fallen into arrears.
'After the recent devastating rise in home repossessions, Shelter urges lenders to work with and help hard-hit homeowners, and use repossession as the very last resort.'
