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MPC Holds Interest Rates at 5%
The Bank of England's monetary policy committee has voted to keep interest rates at five per cent for the next month.
Described as "a foregone conclusion" by Ray Boulger of John Charcol, the decision was widely anticipated by analysts.
Mr Boulger said that trackers continued to look attractive for those borrowers not needing the interest rate security provided by a fixed-rate mortgage, while a tracker with a droplock option would provide an added benefit for those borrowers who would consider a fixed-rate mortgage if their rates were to fall.
"A droplock feature allows borrowers to literally drop the tracker rate and lock into a fixed-rate deal as and when they are either advised or decide to," Mr Boulger explained.
"Another option worth considering for borrowers who want some interest rate protection but don't want to miss out if [the] bank rate falls back towards four per cent is a capped tracker," he added, "with the best value being offered for three and five years by Coventry Building Society and Marsden Building Society."
Mehrdad Yousefi, head of intermediary mortgages at Alliance & Leicester, said that there were still some competitive fixed-rates and trackers available for borrowers, although he recommended more cautious borrowers to opt for a fixed-rate mortgage in case a further base rate rise was looming.
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