***STOP PRESS*** Bank Rate cut by 1.5%

Posted on 6 November 2008 by Drew

1 comment(s)

The Bank of England has cut interest rates by 1.5% to 3% today in a largely unexpected move.  Commentators were expecting a cut, with most money on a half a per cent cut, so the news is fantastic for those who have a tracker mortgage.  For those who need to remortgage in the next few months there is now one clear message. ACT NOW (sorry for shouting).  Lenders will widen their margins and deals will become more expensive.  Pick up the phone now and arrange a new mortgage.  The best mortgages will be going very soon.

James says:

I am on a variable rate and may sell in 1-2 years so don't want tie into anything. I really want the lenders to pas on these savings and reduce their variable rates. Is this likely to happen? and can the FSA put pressur on them to do this?
Posted on 06/11/2008 16:33 by James

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