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A Further Interest Rate Cut Will Reduce Pressure on Homeowners

4th February 2009 | back to article listings BACK    print this article PRINT

Stuart Law, Chief Executive of property investment specialist Assetz, comments:

"A half point cut tomorrow will offer further relief to around 50% of homeowners who are on variable and tracker rate mortgages, many of which have had collars removed as a result of pressure from the Government. Thousands more borrowers will be coming off fixed rates during the next few months and moving onto their lender's SVR, also benefiting from a further rate cut.

"Savers who are not savvy enough to shop around will lose out, but those who are keeping abreast of the best deals available will know that several banks and building societies are starting to offer reasonable rates to savers, in the region of 4 -5%, as they seek to raise capital for mortgage lending. This trend is something we will see more of during 2009 and could prove to be the cornerstone of the market's recovery.


"I expect rates to continue on a downward trend over the coming months as the Government prepares for quantitative easing, which requires the base rate to be close to 0%."

 

-ENDS-

 

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/4619.html. Alternatively, please see our full press release archive.

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