CALLTO DOUBLE INTEREST RATES - 2004-05-24
MORTGAGE costs must at least double to stop the property market crashing, it is speculated.

Bank and building society chiefs cautioned the drastic action is necessary to stop house prices spiralling out of control, triggering a collapse.

Their organisation, the Council of Mortgage Lenders, said it is too late to use small interest rate rises to stop prices over-heating.

Director-general Michael Coogan said: 'Our simulations suggest interest rates should more than double if house price growth is to fall into single digits in the short term.
Read the full story at Glasgow Daily Record

Rates 'could double to cool housing boom' - 2004-05-24
HOMEOWNERS who are already mortgaged to the hilt have been threatened with the disturbing prospect of doubled interest rates.

The Council of Mortgage Lenders (CML) – which represents banks and building societies – says people should be prepared for "aggressive" interest rate rises amid growing concerns over the runaway property market.

It has warned that in the worst case a doubling of rates might be needed to cool rising house prices.
However the CML this morning attempted to distance itself from suggestions of massive rate rises which it blamed on false impressions being generated by the national media.
Read the full story at Leeds Today