No change in lending rate for January 2008
The Bank Of England has maintained the rate of interest for mortgages at 5.5% for January 2008. The ruling was made on the 10th and follows a reduction in inflation to 2.1% with a target of 2%.
This will be good news for borrowers following a busy Christmas period and 5 consecutive increases in 2007!
Property prices are falling in some parts of the country and another raise in the the lending rate could have seen more pressure on sellers in terms of borrowers being put of by prohibitive rates of interest.
See all the trends and get details of the next change direct from The Bank Of England