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Families 'face homelessness' after interest rate rise

11th May 2007

The fourth rise in the base rate of interest since August of last year will be enough to force families from across the country on to the streets, the homelessness charity Shelter has warned.

Finances for thousands of families in the UK are being increasingly stretched as house prices continue to rise and for many the debt management difficulties presented by a further rise in the cost of borrowing will lead to their home being repossessed, the charity claims.

Chief executive at Shelter Adam Sampson said: "Thousands of families are already overstretching their finances to keep a roof over their heads, but this rate rise could be the final nail in the coffin for many borrowers hoping to keep their homes."

The not-for-profit organisation lays much of the blame for the debt management disaster facing many British homeowners on the government, which it claims has failed to supply enough affordable housing to prevent rises in homelessness.

Data released by the Council of Mortgage Lenders earlier this week demonstrated that the cost of getting on the first rung of the UK's property ladder is becoming increasingly unaffordable.

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Latest news about UK debt

Millions of Brits 'avoiding bills'
(12 May 07) With record levels of credit card debt and bankruptcy on the rise, Brits are becoming increasingly ... more >>

Families 'face homelessness' after interest rate rise
(11 May 07) The fourth rise in the base rate of interest since August of last year will be ... more >>

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(11 May 07) Lenders need to be sympathetic towards their mortgage customers, many of whom are facing significant debt ... more >>

Indebted urged to seek advice
(11 May 07) Consumers facing personal loan or credit card debt have been urged to seek advice if their ... more >>

Interest rates up to 5.5%
(11 May 07) Millions of credit consumers could soon have their debt managementdifficulties increased as the Bank of England ... more >>

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