Product category:
Consumer issues
News Release from: Newcastle Building Society | Subject: Base rate decision
Edited by the Insidemoneytalk Editorial
Team on 14 April 2008
MPC April interest rate decision,
Newcastle Building Society comment
Steven Marks, lending executive at Newcastle Building Society, says:
"With the continuing impact of the global credit crunch and the slowdown in the housing market, this rate reduction was very much expected, but it is unlikely to have as great a bearing on market conditions as both the MPC and the Government would like "The trend in recent weeks has been for lenders to put their mortgage rates up, rather than down, as the money market rates at which they are undertaking their own borrowing are higher than the existing base rate, and it is therefore very unlikely that this latest cut will be passed on to borrowers straight away, which will mean it will have much less of an impact than is hoped for
This article was originally published on Insidemoneytalk on 3 Apr 2007 at 8.00am (UK)
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