Property News

Friday, September 08, 2006

Interest rate on hold

The Bank of England is holding interest rates at 4.75% in September. This will be a welcome relief to many homeowners who are feeling the pinch from last month's rate rise.

However, many speculate that there will be a further rate rise this year, possibly in November following the next quarterly inflation report.

For people looking for a mortgage, Drew Wotherspoon of mortgage brokers John Charcol says "Trackers will continue to be a good option unless base rate rises above 5.25 percent, which won't happen in the near future. However, those who need the certainty that their repayments will not rise, even if the bank does increase interest rates, should still opt for a fixed rate".

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