Mortgage Rate Cut to 3 Percent
The Bank of England has just announced (Today 12:00 GMT) that mortgage interest rates have been slashed by a huge 1.5% to 3%. While we all expected a cut similar to last months (0.5%), this move comes as a surprise to everyone within the finance industry.
Gordon Brown has taken moves to ensure that any cut will be passed onto customers rather than consolidating lenders positions, and measures will be taken to promote re-growth in the mortgage market in the next quarter
This month’s drop in rates comes hot on the heels of disastrous figures for the economy with production and sales down just in time for the retail industry’s busiest time of the year, Christmas.
This is the largest drop in interest rates since 1981 and means it’s a great time to consider moving your mortgage or re-negotiating a better deal.
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