21 APR 2008

6,722 Dover & Deal households risk repossession say experts

So says Experian, the credit rating experts. 6,722 households in Dover & Deal have poor credit ratings and are "at risk" of falling behind on mortage payments or repossession.

The evidence shows that as the credit crunch bites, mortgage rates are rising sharply, mortgages are harder to find and property prices across the UK are falling at their sharpest rate for 30 years.

The Government needs to act quickly before it is too late. They need to help get people access to mortgages and better rates. Otherwise we will see what is currently worry turn into a real house price slide. One person I spoke to in Deal last week told me they had a mortage offer at a nearly 10% interest rate. I nearly fell off my chair.

The financial system is complicated - but the Government should follow the advice of Shadow Chancellor George Osborne and allow banks to sell mortages to the Bank of England in return for Government bonds. That would enable banks quickly to get hold of more cash and start lending again - at better rates. The Government also needs to do more to help the least well off. Now is the time to save the 10p rate of tax, not raise taxes on the least well off as planned.

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Charlie Elphicke

Here you can read about local news matters and what I've been up to. You can make comments too. I'd welcome your feedback, so please do feel free to comment!

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