Homeowners Advice Centre calls for interest rate decreases
27th October 2008
Mortgage lenders have been called upon to review their policies in a bid to bring back stability to the property market.
The government and the Bank of England "are doing the right kinds of things" but mortgage lenders also need to step in in order to encourage property investors, says Homeowners Advice Centre.
"It is the lenders that need to wake up, and realise that this period is about consolidation of their outstanding mortgage book, not exploitation and profit chasing," said advisor Al Elliot.
"One immediate way that would help all homeowners, particularly first-time buyers, would be for all lenders to undertake to pass on interest rate decreases straight away."
This, he says would allow budding investors to benefit from the lower standard variable rate, which would help existing investors to avoid the threat of repossession.
On October 8th 2008, the Bank of England's Monetary Policy Committee voted to reduce the interest rate to 4.5 per cent.
News on the Subject of Mortgages in the United Kingdom Brought to you by the SimpliGroup – Making sure that you are fully informed about the UK Financial Market
Looking for a Mortgage in the UK? Let Simplicity Financial Services help you get the right finance package to fit your needs. Get some guidance from us.
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UK Mortgages
27th October 2008
Mortgage lenders have been called upon to review their policies in a bid to bring back stability to the property market.
The government and the Bank of England "are doing the right kinds of things" but mortgage lenders also need to step in in order to encourage property investors, says Homeowners Advice Centre.
"It is the lenders that need to wake up, and realise that this period is about consolidation of their outstanding mortgage book, not exploitation and profit chasing," said advisor Al Elliot.
"One immediate way that would help all homeowners, particularly first-time buyers, would be for all lenders to undertake to pass on interest rate decreases straight away."
This, he says would allow budding investors to benefit from the lower standard variable rate, which would help existing investors to avoid the threat of repossession.
On October 8th 2008, the Bank of England's Monetary Policy Committee voted to reduce the interest rate to 4.5 per cent.
News on the Subject of Mortgages in the United Kingdom Brought to you by the SimpliGroup – Making sure that you are fully informed about the UK Financial Market
Looking for a Mortgage in the UK? Let Simplicity Financial Services help you get the right finance package to fit your needs. Get some guidance from us.
<< Back to News