Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Interest rate cuts may not benefit UK borrowers

Staff Reporter 1 minute read

The Bank of England’s Monetary Policy Committee reduced interest rates yesterday by 0.25 percentage points to 5.25 per cent due to moderating consumer spending and slowing output growth.

The Bank of England’s Monetary Policy Committee reduced interest rates yesterday by 0.25 percentage points to 5.25 per cent due to moderating consumer spending and slowing output growth.

The Council of Mortgage Lenders (CML) welcomed the cut in interest rates but warned consumers that the cut may not translate into reductions in mortgage costs due to the recent rise in funding costs for lenders.

"Borrowers should not expect that a base rate reduction will automatically result in a cut in standard variable rates or discounted rates across the market,” director general of CML Michael Coogan said.

Interest rate cuts may not benefit UK borrowers
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

default

 

more from the adviser
Michael Russell MoneyQuest Brokerage head calls out ‘unacceptable’ turnaround delays

It is “unacceptable” that turnaround times in branches can be...

gentlmen handshake Ex-Time Home Loans director partners with AFG

The aggregator has partnered with former Time Home Loans director...

farmer ta 34% of farmers eyeing raised business investment

Roughly one-third of Australian farmers expect to increase their ...