Monday, January 7, 2008

BoE rate cuts helping borrowers? I would not “bank” on that!

Cost of home loan highest in seven years

"The cost of the typical home loan has soared to a seven-year high with families facing mortgage bills more than 20 per cent higher than two years ago as the effects of the credit crunch take their toll." "policymakers at the Bank of England are having less and less influence on what rates home owners actually pay."Most lenders have failed to cut their fixed rate deals - taken out by two-thirds of new borrowers - since the last Bank of England cut in the base rate." But the Pound accrues heavy drops every quarter-point rate cut!

Posted by confused76 @ 08:19 AM (489 views)
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2 thoughts on “BoE rate cuts helping borrowers? I would not “bank” on that!

  • But why do they feel they have to do anything?

    Apert from keep the bleating few happy.

    By the way ”soared” has GOT to be the most over used word at the moment.

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  • little professor says:

    This is the main story on the front page of the Telegraph today. Nice to see.

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