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Mortgages -
Mortgage expert hopes for rate cut - 08/01/2008
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Borrowers will be able to find cheap mortgage rates this year despite credit crunch fears, an expert at mortgage broker John Charcol has said.
However, housing market expert Katie Tucker said that a lot would depend on the Bank of England cutting interest rates again later this week.
The base rate was reduced to 5.5 per cent in November, in part due to the credit crunch - which, in turn, led to many high street mortgage lenders mirroring the cut in their variable rates.
Ms Tucker said that a further reduction would "bring some very good value mortgage deals back onto the market", Introducer Today reports.
The mortgage expert also had further advice for consumers coming off their two and three-year fixed rate mortgages later in 2008 - who would still feel the impact of the five separate rate rises previously imposed by the bank before November's cut.
"Anyone whose rate is due to finish soon should act immediately to avoid automatically shifting up onto their lenders' standard variable rates and potentially losing several hundred pounds each month as a result," she said.
"Using a broker is by far the easiest way of knowing you have shopped around and found the right deal for your circumstances."
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