(1888PressRelease)
May 20, 2007 - However, many will already be too late as 'best offers' from Halifax, Nationwide and Alliance & Leicester have already been withdrawn in anticipation of a further 0.25 per cent rise in interest rates being announced by the Bank of England's monetary policy committee (MPC) next month.
It is thought that an increase in the interest rate to 5.5 per cent will lead to buyers experiencing difficulties with their mortgage repayments - especially as many are already struggling with the rate at 5.25 per cent.
"Borrowers have been rushing to beat higher interest rates," said property website propertyfinder.com's Nicholas Leeming in the Daily Express.
"The indecent haste with which many lenders withdrew their cheapest fixed-rate mortgages last week on the back of the inflation figures shows that borrowers who rush to get in first will have done well.
"With higher rates just around the corner, we can expect the rush to slow and the market to cool."
National Homebuyers is the UK's leading fast purchase property company, and its director Julian King comments: "We are already being contacted by those who are struggling with their mortgage and have found it is too late to 'fix in' their mortgage.
"We predict thousands more of these people will ultimately face financial hardship or the prospect of repossession.
"National Homebuyers offers a 'sell and rent back' solution that allows people to release equity in their property, while remaining in their home as a tenant."
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