Borrowers benefit from base rate cut
on: January 5, 2009, 5:15 am
Release Author: Direct
Release Summary: The Bank of England made a further reduction
in Bank Base Rate this week to 2%, its lowest level for 57 years.
is hoped that this further increase coupled with the recent reduction
in VAT will stimulate consumer spending.
Release Body: Borrowers who are on tracker deals should see the
benefit from January where a £150,000 repayment mortgage
over 20 years, tracking the base rate at +0.5% will cost just
£794.85, £195.08 less than 2 months ago when the base
rate was 4.5%.
can see how the change in base rate will impact on their monthly
payment by using L&C's rate
on a fixed rate mortgage at present may well be feeling badly
done by as they have not benefited from recent cuts in base rate.
Depending on the rate of interest they are currently paying and
the remaining period left to run on their fixed rate they may
also be able to save money by switching to a new deal, despite
paying an early repayment charge. By using L&C's early
repayment charge calculator, they can quickly find
out what rate of interest they would need to pay to achieve this.
For more information and no-fee
advice, borrowers should call free on 0800 373300.
Notes to Editor:
London & Country (L&C) is the UK's leading no-fee mortgage
broker. Based in Bath, it provides whole of market advice via
telephone and post to clients nationwide. As well as residential
mortgages, it also specialises in the Buy-to-Let and adverse-credit
is a Climate Neutral company and for the last seven years has
invested in climate friendly projects and tree-planting to help
offset its emissions and those of its customers. For more information,
go to www.lcplc.co.uk/green.
has won numerous awards including:
Best Mortgage IFA/Adviser of the
Year – Money Marketing, 2004, 2005, 2006 and 2008
Best Technology Adviser – Money Marketing 2007
Best Mortgage Broker outside London – Mortgage Strategy,
2004 and 2005
Best National Broker – Mortgage Introducer 2005, 2006 and
Best Overall Broker – Mortgage Introducer 2005
Overall broker of the year – Pink Home Loans, 2006 and 2007,2008
Top 100 company in the Sunday Times Fast Track 100 for 2004 and
Business of the Year – The Bath Business Awards 2005
Growth Strategy of the Year –
National Business Awards (Wales and West) 2008
Business Leader (Broker) – British Mortgage Awards - 2008
Online Mortgage IFA of the Year – Financial Adviser - 2008
Richard Morea, Technical Manager
Office: 01225 341312
Mobile: 07970 885168
Hollingworth, Head of Communications
Office: 01225 341211
Mobile: 07710 634044
Contact Details: Direct Traffic
50-54 Putney High Street, Putney SW15 1SQ