Those seeking mortgages should not be 'disheartened' by interest rate decision
8th August 2008
In the light of this week's announcement by the Bank of England that interest rates will remain at five per cent, a price comparison site has said that those looking for a mortgage should not be put off by the news.
Louise Cumming, head of mortgages at moneysupermarket.com, has said that homeowners may have been hoping for a reduction in base rates to reduce their mortgage repayments.
Ms Cumming reassured consumers that "the mortgage market is increasingly divorcing itself from whatever the MPC decides."
She continued: "For example, Halifax, Bank of Scotland and Abbey all cut rates on some of their most popular deals this week. These are all big players in the mortgage industry so it's great to see some green shoots emerging in what has otherwise been a desert in the market."
Suggesting a note of optimism was called for, Ms Cumming described the big players in the mortgage industry who have been cutting their rates as "green shoots" in what she said had been a "desert in the market".