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UK Interest Held But Rate Rise 'Still On The Cards

Last week, the Bank of England's monetary policy committee (MPC) announced that interest rates were to remain at 5.5 per cent.

As a result, consumers looking to take out secured and Home Loans - in addition to existing borrowers - are likely to find their monthly repayment costs staying consistent.

Following the decision to raise the interest by quarter of a per cent last month, the MPC has been reported to have held the base rate so as to allow the committee more time to judge the full effect of increases in May and January.

However, despite the decision, secured loan borrowers are warned that they have no time for "complacency" with future rises predicted by various industry experts.

Director General for the Council of Mortgage Lenders, Michael Coogan claimed that as millions of homeowners are to come to the end of their fixed-rate deals over the next 18 months they could see their monthly mortgage costs raising by up to 1.5 per cent.

Source:
http://www.huliq.com/25356/uk-interest-held-but-rate-rise-still-on-the-cards

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