Pass the Rate Cuts On!
Posted on Monday, October 27th, 2008 at 2:30pmThe Homeowners Advice Centre has stated that the government and the Bank of England have been taking the right kind of steps, but consumers are yet to see the benefits. Further calls have been made for lenders to pass on the interest rate reductions to secured loans holders.
Such steps include the lowering of the official base rate of interest by 0.5% to 4.5% earlier this month. First time buyers in particular would benefit from lower rates and that lenders should recognise that profits won't be as high next year.