Mortgage, be A Little Careful
The mortgage burden of Prime Minister and his wife Cherie is not at all to be appreciated. The couple purchased a Georgian townhouse in the year 2004 for £3.65 million; the monthly repayment for the same is £14000. This is not a good example for the country, in a situation in which around 770000 households in the country were not able to repay one or more mortgage in the past one year. As per a recent report it has been found that it is the first time buyers who are struggling to make repayments. In the last 6 months the case of repossession has risen to 8140, the highest since 2001. In the month of August the inflation rose to 2.5 %. Another problem that the first time house buyers may have to face is the increased base effect. This is a rise from the present 4.75 %. According to the Council for Mortgage Lenders by June this year over 35,320 mortgages were in arrears.