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Rate Rise Prompts Remortgaging Rush
The Bank of England's decision to increase the base rate to 5.25 per cent led to a sudden flurry of people seeking fixed-rate mortgages yesterday (January 11th).
Landlord Mortgages in Wokingham, Berkshire, revealed that the decision had barely been announced when the phones started ringing, with homeowners desperate to obtain favourable rates before lenders adjust their rate tables.
Lee Grandin, managing director with Landlord Mortgages, told the Financial Times that it was "all a bit mad".
"It's difficult to handle this kind of volume," he revealed. "Everyone's working late."
The rate hike will be yet another blow for those homeowners with variable-rate mortgages as it represents their third rise since August 2006.
However, many analysts have pointed out that the decision could in fact be good news for first-time buyers.
Helen Adams of FirstRungNow.com commented: "The cooling effect on the UK property market when combined with the last fairly recent rise hopefully means that first home prices might falter, giving first timers a chance to take that much desired first step."
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