The news that interest rates have been cut is a welcome relief for some homeowners, but there are still some homeowners who will be left in a fix and may even want to sell property fast.

It’s only if you’re a homeowner on the right type of mortgage deal that you’ll benefit from lower bills thanks to the interest rate cut. But the Times reported that millions will in fact have to find extra cash to meet their mortgage repayments as lenders are taking steps to increase their profit margin as a result of the impact of the global credit crunch. The result? More homeowners will need to sell property fast.

It has been estimated that 12 per cent of property owners on a tracker deal – a mortgage that adjusts to the base rate – will have lower mortgage repayments as a result of the interest rate cut. But if you’re on other types of mortgage packages the cuts may not be passed on to you. One mortgage broker explained to the Times:

“We are bound to see some lenders dragging their feet and others who don’t pass on the cuts at all.”

If you were hanging on for a cut in interest rates and hoping it would impact on your monthly outgoings, only to find out you’re in fact paying higher repayments, it can be crippling. It’s no wonder more homeowners are opting to sell property fast. Millions of property owners who are coming to an end of their fixed-rate deals will face much higher repayments despite the Bank of England cut.

It’s reported that despite the interest rate cut, many of those on fixed rate deals will have to pay over £100 more a month to meet their mortgage bills. Banks and lenders have been adjusting how they charge customers to help them face the ‘£30 billion black hole’ in mortgage funding. As a result of the increased cost of lending, lower interest rates are simply not enough for many homeowners pushed to the financial brink. A fast house sale is an attractive, and cheaper, option for many.