Cut in Interest Rates 11 04 2008 - News Archive

Cut in Interest Rates

The Bank of England has cut interest rates a further 0.25% this month making the current rate now 5%. This is welcomed by homeowners and is the third interest rate reduction in the last five months.

Anyone wishing to get on the property ladder may have to still wait for these new rates to be offered by mortgage lenders. When there is a rate cut it is not always passed on straightaway and takes time to filter through. It also doesn’t help that whilst interest rates are being cut mortgage lenders and putting up the cost of taking out a mortgage.

Experts predict that interest rates will continue to go down and we could see rates as low as 4% by spring 2009.
 
:: Added on: 11:04:2008 ::

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