Even with the governments monetary reflationary policy in action, it is doing very little to help the people who have fixed mortgage rates. The only homeowners affected are those who have tracker mortgage rates and that is a small percentage.

In the second quarter foreclosures were 10,100 however this quarter they amounted to 11,300. This news arrived from the Council of mortgage lenders which is a representative of the British home-loan providers.

In addition applications to foreclose rose by 9% reaching a total of 38,511 and repossession orders leaped by 24% and have now reached a staggering figure of 29,516, according to the ministry of justice.