Interest rate drop offers slight relief, but financial strain still significant
National Debtline has responded to the Bank of England’s decision to lower interest rates to 4.75 percent, down from 5 percent.
Posted November 7, 2024
The leading debt advice charity is urging people worried about their mortgage repayments to seek debt advice.
Findings from UK Finance show that the proportion of homeowners with mortgage arrears has risen by 8 percent compared with the same period in 2023.
Steve Vaid, chief executive of the Money Advice Trust, the charity that runs National Debtline, said:
“The drop in interest rates provides some slight relief to households and small businesses. But the financial strain – particularly for those who’ve already seen their mortgage costs soar– remains significant.
“At National Debtline, we are still seeing too many people struggling to afford the essentials. As the colder months set-in and higher energy prices baked in, it is set to be difficult winter for many.
“I would urge anyone who is worried about their mortgage to contact their lender, and seek free, independent debt advice from a service like National Debtline.”
National Debtline provides free, independent, expert advice and can be contacted on 0808 808 4000 or via www.nationaldebtline.org
