- Tuesday, 5 January 2010Many homeowners may be seeking
IVA solutions in the coming year, following warnings from economists that mortgage rates will soon increase.
Borrowers may bear the brunt of attempts by banks and building societies to pass on the higher costs of funding new loans, reports the Times.
Predictions have been made over impending increases in the Bank of England's base interest rate, which is currently at 0.5 per cent.
Head of mortgages for Lloyds Banking Group Stephen Noakes was quoted in the Times newspaper as saying: "If you look at the markets there is a prediction that the Bank of England will first raise interest rates in the middle of the year and that the base rate will end up at 1.5 per cent by the end of 2010."
New figures from the Bank of England show that the number of mortgages approved for house purchase have more than doubled in the last year. A total of 60,518 home loans were agreed in November, the highest level since March 2008.
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