Released on = May 11, 2007, 1:26 am

Press Release Author = Charlotte Burrows

Industry = Real Estate

Press Release Summary = The recently announced interest rate hike to 5.5 per cent
could devastate a number of homeowners, it is thought.

Press Release Body = Both housing charity Shelter and the Citizens Advice Bureau
have warned that the impact on homeowners\' finances of the rate rise is likely to
result in a surge in the number of repossessions.

Government statistics show that repossessions are already on the up, while Adam
Sampson, Shelter\'s chief executive, believes that rates of 5.5 per cent could be
\"the final nail in the coffin for many borrowers hoping to keep their homes\".

\"Thousands of families are already overstretching their finances to keep a roof over
their heads,\" he told the Telegraph.

\"The fact people are pushing their borrowing to the limit to get into an
increasingly unaffordable housing market is a result of the failure to build enough
homes to meet demand.\"

Chris Newman from National Homebuyers says: \"Around half of all homeowners have a
variable rate mortgage, which makes them more susceptible to interest rate rises.

\"We concur with the charities\' comments and further predict a huge increase in
repossessions over the coming few months. With mortgages being lent up to eight
times annual income, this is surely a recipe for disaster.\"

National Homebuyers is currently assisting with people\'s repossession issues by
stepping in and purchasing their property for cash, while allowing the debtor to
remain living in their home as a tenant. More information about sell and rent back
can be found here: www.nationalhomebuyers.co.uk/sellandrentback.html.

For further information on a quick house sale or to release equity in your home,
please contact National Homebuyers on 0870 979 8118 or visit
www.nationalhomebuyers.co.uk.


Web Site = http://www.nationalhomebuyers.co.uk

Contact Details = Sterling House
20 Victoria Way
Burgess Hill
West Sussex
RH15 9NF
0870 979 8118
Fax: 01444 257333