David Bexon, Managing Director of smartnewhomes.com, comments on the Monetary Policy Committee’s (MPC) decision to drop interest rates to 1.0%:
“While a select number of mortgage holders may benefit from the latest cut, the continued slashing of interest rates is having a negligible effect for the majority of borrowers, with lenders typically maintaining their standard variable rates and continuing to enforce collars on tracker deals.
“The main issue now is availability of competitive mortgage deals, and further rate cuts at this time will not help to improve this situation. Unless homebuyers have access to a very large deposit, the options remain extremely limited.”
See Also: Press Releases (371)
Date Published: 05 February 2009
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