The Bank of England has today voted to reduce the Bank Base Rate 1.0 percentage points to 2.0%.

The Council of Mortgage Lenders has welcomed today’s rate cut, and believe “it will help the wider economy, even if it cannot be reflected universally in lower mortgage rates.”

The impact this will have on borrowers, new and existing is yet to be seen, although many lenders have pledged to pass on the full extent of the saving. There is still the issue of collars…. more to follow.

Shane

Tags: bank of england, boe, interest rates

This entry was posted on Thursday, December 4th, 2008 at 2:38 pm and is filed under Industry News, Mortgages. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.