Only Finance.com® - Bank lowers interest rates

Mortgages - Bank lowers interest rates - 07/12/2007

The Bank of England's monetary policy committee (MPC) has offered some Christmas cheer to mortgagees by lowering interest rates.

The committee cut the base rate by a quarter point to 5.5 per cent, the first time the base rate has been moved since the summer.

It is hoped that the move will stimulate some growth in the mortgage market and could help to reduce the burden on many people preparing to come off fixed rate deals during 2008.

Despite inflationary pressures from food and oil, the MPC voted to cut the base rate after the impact of the global credit crunch began to take its toll on the property market and the high street.

It is thought that the change could also see more people heading out to the shops to spend a little more money ahead of Christmas, by giving mortgage lenders a little more breathing space in the new year.

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