National Homebuyers: 'Cameron blasted over mortgage rates'

A leading Labour MP has slammed David Cameron and said that the Tory leader would return Britain to the days of high mortgage rates, potentially leading to a rise in people seeking a fast property sale.

[ClickPress, Fri Dec 21 2007] Andy Burnham, Labour's chief secretary to the Treasury, said that Mr Cameron, who is reportedly leading Gordon Brown in a number of polls, has a history of forcing mortgage rates up.

"People will remember what happened to their mortgages when David Cameron was last in the Treasury. Everyone's mortgages would be under threat from the £6 billion black hole in David Cameron's tax and spend plans," he said.

"The last time the Tories promised extra spending and unfunded tax cuts, the result was 15 per cent interest rates.

"David Cameron's warm words about social responsibility don't add up to anything, nor can they hide the fact that as recently as this summer he was heaping praise on the report by his Economic Policy Commission that recommended scrapping every regulation protecting people taking out mortgages," continued Mr Burnham.

Fast property sale expert Julian King of National Homebuyers adds, "If rates were to rise markedly many people would seek a fast property sale in order to avoid financial difficulties and stop repossession.

"Any increase the base rate will simply be disasterous for thousands".

Mr King is a director of National Homebuyers, the UK's leading fast property purchase firm, guaranteeing to make an offer on any property in the UK, regardless of its condition or location for vendors who need a quick sale. The company also offers a Sell and Rent Back mortgage rescue scheme for homeowners who want to release equity in their homes.

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