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 Large numbers of homeowners may find themselves in financial difficulties after the Bank of England failed to cut the base rate of interest this month.
Despite many borrowers struggling to keep up with mortgage payments, the Bank's Monetary Policy Committee (MPC) opted to maintain rates at five per cent.
It is terrible news for many borrowers and could lead to financial difficulties for large numbers of people.
Michael Coogan, director general of the Council of Mortgage Lenders, said that he was disappointed by the lack of action.
Financial Difficulty | Sell and Rent Back your home
"We understand the conflict between slowing economic growth and rising inflationary pressures, and the uncertainty over some of the data reflected in the split views of MPC members last month," he commented.
"However, the MPC had an opportunity to act to anticipate the worsening economic environment today, and it is disappointing that there has been no change," added Mr Coogan.
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