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UK Interest Rates Held at 5%
Following the latest monthly meeting at the Bank of England, UK interest rates have remained on hold at 5%. Calls from business groups to cut rates to stave off the threat of recession were never likely to be heeded with inflation at 3.3% - above the 2% target rate - and raising interest rates one method of bringing inflation back to its target rate.
But, said Tony Rice of specialist mortgage brokers TMP Mortgage Zone, the Bank's decision has already had some positive impact on the mortgage market.
"Abbey has announced that from Monday (14 July) it is cutting the rates on its two and three-year fixed rate mortgage deals by up to 0.15%. These are the second set of rate cuts to be made by Abbey in ten days. And other big lenders are now shouting about new deals and competitive rates. As well as Abbey, Alliance and Leicester, and Cheltenham and Gloucester are just some lenders offering tracker mortgage rates at under 6%."
As a specialist mortgage broker providing a whole of market service, TMP Mortgage Zone can give you access to thousands of products from hundreds of lenders. And the benefits of using a specialist mortgage broker like TMP Mortgage Zone don't end there. A recent report stated that customers could save almost £2,000 a year by using a specialist mortgage broker as opposed to going direct to lenders.
[ 11-07-2008 ]
