- Lowest number of Mortgage Approvals since records began.
- In a breaking report from the Bank of England only 64,000 mortgages were approved last month.
- Tue 29th Apr 2008
- Are the Banks getting greedy?
- In a test case in the High Court today, 8 UK Banks may be deemed to have be charging their customers unfairly.
- Thu 24th Apr 2008
- Comparison websites under the hot spotlight.
- The centre for competition policy has produced a report saying independent checks need to be made of comparison websites.
- Sat 12th Apr 2008
Rate cut 'could help people in debt'
Fri 7 Dec 2007 4pm
A debt expert has stated that the Bank of England's decision to reduce interest rates this week could benefit people with financial problems.However, spokesperson for National Debtline Beccy Bolden Wilks said that any advantages for the consumer will depend on whether or not lenders decide to pass savings on to borrowers.
The uncertainty of the current economic climate means that it is difficult to predict the exact impact of the rate cut, Ms Bolden Wilks stated, asking "Who knows what's going to happen?"
Commenting on the possible effects of the rate change, she said: "People who are coming off their fixed-rate mortgages might start to feel the difference, if the various interest rate rises have taken them above what they were paying before.
"It's going to make a difference - it's better than them constantly going up!"
The Bank's monetary policy committee voted to reduce the base rate of interest to 5.5 per cent yesterday (December 6th) - the first reduction since August 2005.
