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Home arrow Holyrood news arrow News categories arrow Housing, Planning & Regeneration (HCL01) arrow Interest rate will hit Scots hard say Shelter
Interest rate will hit Scots hard say Shelter Print E-mail
Friday, 11 May 2007

The average Scottish homeowner will be hit hard by yesterday’s 5.5 per cent interest rate rise according to Shelter Scotland.

Shelter estimates that if a Scot earning the average wage of £21,419 tried to buy an averagely priced house at £143,045, they would be left with just £247 a months to live on after paying basic costs like mortgage payments, council tax and waste charges. Travel, food and other essential costs would have to be met from this £247.

Archie Stoddart, director of Shelter Scotland, said the rate rise would mean an increase in the number of homeowners risking mortgage default.

“These figures give us a powerful indication of the immense pressure the cost of housing is putting on the pockets of people who want to get onto the property ladder.

“The interest rate rise is another blow to families who already have overstretched their finances to keep a roof over their heads. Our online repossession advice pages have been viewed almost 16,000 times over the past six months. Last year 800 households applied as homeless because of mortgage default - a figure which has been rising year on year. This latest rise will mean that even more people risk following them.”
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Last Updated ( Friday, 11 May 2007 )
 
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