Survey: Base rate cut unpopular
www.moneynews.co.uk > Mortgages > Survey: Base rate cut unpopular
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Survey: Base rate cut unpopular
Mon 9th Feb 2009
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Moneysupermarket.com found that 75 per cent of respondents to its poll were against the base rate cut, claiming that their finances would suffer as a result.By contrast, 23 per cent said they were in favour of the Bank of England's move.
Louise Cummings, head of mortgages at moneysupermarket.com, said that the cut, which is aimed at persuading banks to start lending to individuals for mortgages, could be counter-productive.
She claimed: "Lower rates are not what the housing market needs at the moment.
"It is crying out for more readily available credit and, with these historically low rates, lenders will be even more wary of lending at volume."
The cut, announced on February 5th, brought the base rate of interest down to one per cent.
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