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Mortgages -
AMI issues call to lenders - 13/12/2007
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The Association of Mortgage Intermediaries (AMI) yesterday called on UK lenders to give a little extra help to borrowers who are facing mortgage repayment difficulties.
Worries about an economic slowdown affecting the house price market have once more raised the nightmare scenario of negative equity for British homeowners.
Partially in response to these fears, stemming from the credit crunch still affecting the global financial markets, the Bank of England cut interest rates by 0.25 per cent last week to ease the pressure on borrowers.
Nevertheless, the director general of AMI Chris Cummings hinted that rates might have to be cut further to help mortgage holders out.
"Borrowers who are coming out of fixed rate mortgages may find the sudden hike in payments a huge shock and suffer financial strain as a result," he said.
"As an industry we do not want to return to a culture of unmanageable debt and home repossession, which would have a negative effect on consumer confidence and the wider economy."
To this end, Mr Cummings added that lenders "have a role to play" in alleviating this problem.
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