Good news for secured loan borrowers??
26/02/2008
Good news for secured loan borrowers?? Talk of future interest rate cuts
from the deputy head of the Bank of England.. Sir John Gieve hinted of a drop in the UK bank base rate currently at 5.25%, this was after two 0.25% rate reductions over the last six months from 5.75%.
With the recent credit crunch in the money markets and a sharp slowing of the UK economy, the bank is trying to stabilise the economy from falling into recession. This will reduce the cost of borrowing for people looking to take out a new loan or mortgage over the coming months, so lets hope it happens. |
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Some financial Analysts have said that the days of cheap loans are over? But we will have to wait and see as the financial market is still a very competitive market. Some of the major lenders said that they will passing on rate savings to their customers, they include Abbey, Halifax, Nationwide, NatWest and Royal Bank of Scotland. Other banks such as Barclays (also the Woolwich), Cheltenham & Gloucester, First Direct and HSBC said they will be be passing on the full amount in advance of this current announcement.
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