Product category:
Mortgages / Housing
News Release from: Alliance & Leicester | Subject: Mortgage rates
Edited by the Insidemoneytalk Editorial
Team on 10 December 2007
Alliance and Leicester comments on
today's MPC decision to cut the base
rate to 5.5%
Stephen Leonard, Director of Mortgages at Alliance and Leicester:
"The decision to cut rates is excellent news for all mortgage customers and particularly the 1.4 million homeowners coming off short-term fixed rates in the next year." Having enjoyed historically low fixed rates, this move to reduce the cost of borrowing will be a welcome one "The rate cut will also be welcomed by first time buyers who have been unable to get onto the housing ladder in the past year, as it will make mortgages more affordable
"Those considering entering the market for the first time should consider a fixed-rate mortgage as it will guarantee the monthly repayment, allowing borrowers to budget with certainty.
For those borrowers with more financial flexibility, a base rate tracker mortgage still offers good value and the opportunity to benefit from any further rate cuts.
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