A further interest rate cut is needed to help reduce the burden on mortgage holders, it has been claimed.
Katie Tucker, a spokesperson for mortgage broker John Charcol, explained that while the wider economy is showing signs of recovery, the Bank of England needs to act to relieve the pressure on people caused by rising mortgage payments .
She said: "Cash-strapped homeowners will be relieved to know that some relief to their purse-strings may still be due, as mortgage lenders' own cost of borrowing is high, and a further Bank Rate cut may be used to relieve this."
Ms Tucker added that because banks are finding it so hard to make money on mortgages, they are passing increased costs on to borrowers.
Yesterday, the Building Societies Association claimed that due to the way they operate, its members may be better placed than banks to continue offering mortgage products as the credit crunch continues to bite.
Rate cut will help mortgage holders
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