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Sign that Credit Crunch could Ease as Another Lender Reduces Rates

16th May 2008 | back to article listings BACK    print this article PRINT

Stuart Law, Chief Executive of Assetz responds to the announcement by Abbey that it is reducing its mortgage rates:

“Abbey had already reduced some of it rates two weeks ago, along with the Royal Bank of Scotland. Now we have Abbey reducing rates further and the Nationwide reducing their fixed rates by 0.3% this week.

"This is an early sign that the effects of the credit crunch are beginning to ease off. However, there are still some lenders increasing rates, pulling out of the market temporarily and changing property lending terms.

“I believe it will take until around September for the mortgage market to improve significantly and it may turn out to be prudent for people coming to the end of existing mortgage deals to just accept the default standard variable rate for a few months before remortgaging.”

 

 

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