
Bank of England holds rates

Whilst the Bank of England base rate has historically played a leading role in the pricing of mortgage rates, this has been less so in recent months. Whilst is was quite possible for the ideal borrower to obtain a tracker rate on or around the Bank of England base rate this time last year, it is impossible to do so now. The current two year tracker rate from the Abbey at Bank of England base rate plus 0.69% is seen as attractive, even after allowing for the £1,849 arrangement fee. As a result it is limited to those wishing to borrow less than 60% of the value of their property.
With an almost daily dose of bad news from the housing industry, many commentators now think that the time has come for the government to step in with some assistance.
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