Print This Article Post Comment Add To Favorites Email to Friends Ezine Ready

Uk Interest Rates Held For Another Month

By: Mark Leaper Home | Finance | Mortgages

The Bank Of England's Monetary Policy Committee (MPC) have voted to freeze the Bank Base Rate at 5.75 per cent for another month. Uk Homeowners can breath easy following the decision not to increase rates, with the committee voting for holding interest rates at their current level for the second consecutive month. The MPC have moved in line with industry expectations following the release of the minutes of their August meeting revealed the vote to hold rates was a unanimous 9-0. The decision for September will allow the full impact of the recent increases to take full effect on the markets, especially after the latest research showed that house price growth is finally beginning to slow down. With many UK homeowners really struggling financially, bad credit problems are on the up, so UK borrowers have limited extra breathing space with rates still fixed at 5.75 per cent. Many homeowner mortgage holders are still struggling to meet their mortgage repayments and the 250,000 borrowers who took advantage of a two-year fixed rate deal back in Autumn 2005 are worrying more and more about the remortgaging in the current financial climate. Another factor that will be worrying homeowners is the trend for rate increases from a number of UK mortgage lenders. Many have already re-priced or completely withdrawn their existing mortgage deals, but fixed rate mortgages are the main ones being effected, with new mortgage deals coming to market in a constant flow. The re-pricing was based upon mortgage lenders pre-empting an increase to 6 per cent, which hasn't happened this month, but is a move which remains widely anticipated to be the peak.Mark Leaper at commented saying "The market is signaling that the peak may well have arrived, so now may be a good time for mortgage holders to consider their position and refinance. By taking advantage of the competitive deals that are widely available and reducing their monthly outgoings or making arrangement to repay their debt faster. Leaper went on to say, " provides a one stop shop with a simple process for UK homeowners to make finance comparisons for their mortgage, loan, insurance and credit card requirements. The process is quick and easy and the benefits are real and can be made available in days. The fact is that only 25 percent of UK Homeowners have mortgages that will protect them from the impact of a further rate rises, Consumer confidence has taken a sharp knock over the past few months and less people are now willing to spend, instead choosing to wait and see and keep control over their household finances, refinancing can make a huge difference to the amount of money in your pocket".

Article Source:

About the Author: provide UK finance price comparisons for Mortgages, Loans, Insurance, Credit Cards and Remortgages. Full details can be found at

Tags: , , , , ,

Please Rate this Article


Not yet Rated

Click the XML Icon Above to Receive Mortgages Articles Via RSS!

Recent Related Articles From Mortgages

  • Bad Credit Home Loan Mortgage - Home Loan Mortgage Rate - Mortgages Rates 076
    By: donshlem | Oct 13th 2008
    A home parity mortgage may be a prodigious way to go spot-on now, before go up. Over the last few eons all and sundry has about family and domestic refinancing home mortgage. Well, you may also know that the interest rates going back up Read

  • No Closing Cost Mortgage - Low Mortgage Rate - Mortgages Rates 877
    By: donshlem | Jan 17th 2009
    A home fair play mortgage may be a impressive way to go honorable now, before go up. Over the last few yonks every last one has about friends and intimate refinancing their home mortgage. Well, you may also know that the interest going back up Read

  • Low Mortgage Rate - Mortgages Rates - 2nd Mortgages 179
    By: donshlem | Jun 27th 2008
    A home justice mortgage may be a vast way to go righward now, before rates go up. Over the last few eons every person has about contacts and family refinancing home mortgage. Well, you may also know that the consequence rates going back up Read

  • Clearwater Home Mortgage - Low Mortgage Rate - Mortgages Rates 250
    By: donshlem | Oct 25th 2008
    A home fair play mortgage refinance may be a distinguished way to go righteous now, before go up. Over the last few a month of Sundays and Harry has heard about family and private refinancing home mortgage. Well, you may also know that the gain rates going back up Read

  • Should You Refinance Home Mortgage Interest Rates?

    Why refinance? There are a number of reasons people refinance the loan on their homes. For some, it's a way to take advantage of lower interest rates. For others, it's a means for building equity on their homes faster. For a few, it's a way to tap into the equity they have accumulated in their homes.

    If you' ...

  • Home Loan Mortgage Rate - Jumbo Mortgages - Clearwater Home Mortgage 116
    By: donshlem | Jun 25th 2008
    A home parity mortgage may be a downright way to go nondiscriminatory now, before rates go up. Over the last few centuries every Tom has heard about friends and family refinancing home mortgage. Well, you may also know that the consequence rates going back up Read

  • Bank Of Canada Announces A New Interest Rate Hike!

    The Bank of Canada announces a new interest rate hike! The recent dollar gain of the Canadian dollar may not have been the worst thing for the Canadian economy or the best either. As the dollar hit a 30 year record high, closing just short of .94 cents USD, it has become bad news for home owners and also for the rapidly cha ... Read

  • Mortgage Rates Back Down To Historical Lows
    By: dane-14388 | Mar 22nd 2009
    This article looks at recent drop in mortgage interest rates Read

  • How To Get A Lower Mortgage Rate
    By: Greg Shuey.. | Apr 2nd 2009
    So much news coverage has been given to the housing crisis, to which not many economists attribute the Global Economic Recession to. Record numbers of foreclosures have discouraged prospective homeowners from buying their dream homes; for fear that mortgages will just become unbearable as the economy continues to decline, w ... Read

  • Mortgage Loan For You

    Mortgage loan is the money that the lender gives to the borrower; sometimes these loans need a guarantee. A mortgage is what one gets as a certification once the asset is used as a pledge for security. There were times when availing mortgage loan was very difficult but with the growing competition it has become very simple ... Read

Copyright © 2005-2015 eArticlesOnline, LLC - All Rights Reserved
Terms of Service | Privacy Policy