Bank of England Lowers Interest Rates to 5%

Bank of England

The Bank of England has today announced a 0.25 per cent reduction in UK interest rates, bringing the cost of borrowing down to 5 per cent.

Bank of England: This reduction comes as the UK economy faces slow growth and the property industry going through a mini-crisis. The cut was widely expected and welcomed by many economists. Further interest rate cuts are now expected later this year, but the Monetary Policy Committee (MPC) still needs to balance4 inflationary pressures and the fragile UK economy amid the credit crisis.

 

It is predicted that the slowing economy will eventually help to bring down inflation, which is currently half a percentage point over the target of two per cent. Pressure now mounts on lenders to pass on the reduction to borrowers. The High London Interbank Offered Rate (Libor) has meant previous Bank of England interest rates cuts in December 2007 and February 2008 have not been passed on to borrowers and mortgage rates have in fact increased.

 

Data from the Council of Mortgage Lenders (CML) shows repayments on a variable repayment mortgage of £150,000 should fall £22.98, while on an interest only mortgage, repayments should fall £31.25.

 

 

 

Myfirsthomeltd-Service At Your Finger-Tips

For news updates register free http://www.myfirsthomeltd.co.uk/cp/register.php?bu

 

 


Bitcoin: 1BJbBAvdNHcZPZBnaFpyExUmAD9H1crosU


Litecoin:LXfkhyMe8gxdENyUc7Y5itHzFqr67F96nW

Or…

If you enjoyed this article FEEL Free to TIP My First Home Blog:


Any Amount Welcome 🙂


Dash: XmARRjJ9y2zUUgiPWPMrjviWWCvpuogwKd


Dogecoin: D5vAJ9ydfsNX1VE6e93Wh16gmUfVSUSKQq


Bitcoin: 1BJbBAvdNHcZPZBnaFpyExUmAD9H1crosU


Bitcoin Cash: 1Q8njMG4LPqFYthtNu6rq2Rbq9JqKXaPg1


Ethereum: 0x60454606e1f66C09e4fD7977b844718b683B2836

{ 0 comments… add one }

Connect with Facebook

Leave a Comment


x

Related Posts

How to buy a house with no money down
How to buy a house with no money down - Buying a house on installment terms or through mortgage always poses a problem of coming up with a down p...
Get The Most For Your Money When Buying Real Estate (Real Estate Buying)
Get The Most For Your Money When Buying Real Estate (Real Estate Buying)If you want information concerning purchasing real estate, you've come to...
Tips And Tricks For Real Estate Investment Success
Tips And Tricks For Real Estate Investment SuccessReal Estate Investment - Getting started investing in real estate as a career is something that...
powered by RelatedPosts