Mortgage rates "uncompetitive"
www.moneynews.co.uk > Mortgages > Mortgage rates "uncompetitive"
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Money News |
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Mortgage rates "uncompetitive"
Tue 27th Jan 2009
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The price comparison website conducted research which showed that the average standard variable rate for mortgage-holders with less than 25 per cent deposit is 4.9 per cent.
Michelle Slade, an analyst for the website, said that the currently high rates of interest charged mean there is "simply no incentive" for borrowers to take out mortgages.
She added: "Borrowers may want to borrow and lenders may start to lend again, but unless they lower rates on new deals we are going to continue with this stalemate position."
In recent months the Bank of England has cut interest rates by three per cent in an attempt to get mortgage providers lending again.
Earlier this month, the government announced a new economic stimulus package which will offer to underwrite some of the financial risk incurred by mortgage lenders.
Click here for more mortgage news
Related News : Mortgages |
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