Bank of England Base rate held again today - did you know its now been the same level for almost 5 years, so how long will it last? The previous minutes released from the MPC meeting was that Mark Carney was using the 7 million unemployed figure as a benchmark before we would see an increase in rates. This bench mark has been almost reached and today Ray Boulger says: “The short-term message for anyone wanting a five-year fix is not to hang around, as rates are only going one way in the short-term. I have seen evidence of this myself this week with several of the main lenders increasing their 5 year fixed rates. If you are hovering on a variable rate at or around 2.5% then you can CURRENTLY lock into 5 year fixed deal from 3% so I would seriously consider this now, and get in touch with me if this applies to you. Remember the mortage lenders set their own rates, so by the time the BOE has increased the base rate it will already be too late!
Posted on: Fri, 07 Feb 2014 19:34:20 +0000
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