MyMortgageDirect rep reflects on possible base rate rise

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MyMortgageDirect rep reflects on possible base rate rise

A minor rise in the base rate of interest would not make a huge impact on the state of the mortgage market, according to a source from MyMortgageDirect.

Catherine Hearnden, director of the company, accepted that a fuss would no doubt be made of it by the media.

However, when asked whether an increase in the base rate would actually weaken the mortgage market, she said: "I don't think it would make any difference to the approvals, but I think it would affect the demand because people would panic initially."

Ms Hearnden made her comments after the Bank of England announced that the number of loan approvals for house purchase and remortgage fell in December 2010.

In her view, the margins enjoyed by lenders on tracker arrangements are coming down, with interest rates having not altered much since a year ago.

As a result, the MyMortgageDirect spokesperson predicted that a rise in the base rate would not be felt that strongly by consumers.

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