Homeowners 'needing additional equity' as prices drop

Falling property prices have meant that homeowners are struggling to find competitive mortgage deals, it has been suggested.

According to the Homeowners Advice Centre, those coming to the end of deals are having to either revert to standard variable rates or remortgage.

But advisor at the body Al Elliot noted that in order to find a good value deal, many will have to introduce further equity.

And he cast doubt over speculation that lenders will lower interest rates in line with the Bank of England's base rate cut.

"You have to consider the stability of the institution. If it reduces its repayments from its borrowers by too much, they risk a cash-flow crisis which is the very last thing the economy needs now," he said.

Those wishing to avoid the effects of falling London house prices and negative equity may opt to rent rather than buy.

Last month the Council of Mortgage Lenders predicted that a total of 45,000 homes would be repossessed in 2008, as a result of borrowers being unable to keep up with repayments.

Published 12th November, 2008

© 2008 Estates IT Limited

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