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Another Base Rate Cut - but is it enough?
BASE RATE CUT TO 5% - 10th April 2008
Despite growing pressure form the industry to drop by a half a percent, the Bank of England base rate was today reduced by 0.25% to 5%. This will help existing borrowers with mortgages that track this base rate, but will the reduction be passed onto new borrowers in the form of better deals?
After the last base rate cut, many borrowers waited to see if the effect would filter through and allow them to get a new fixed deal at a better rate. What actually happened in practice is that rates remained much the same or in fact went up!
We are all waiting to see what the lenders will do, if anything, to assist borrowers.
