Countrywide comment on MPC rate decision


Thursday, January 12, 2012

Commenting on today's decision by the MPC to leave the base rate unchanged at 0.5%for the 34th consecutive month,Grenville Turner, Group Chief Executive of Countrywide, the UK's largest property services Group said:

"The MPC's decision to keep base rates unchanged is unsurprising as concerns continue to grow about the considerable challenges facing the UK economy and the lack of progress in the economic recovery.  

"It is good new for the borrowers that the Bank of England are continuing to hold rates which provide the peace of mind that is needed to stabilise the market and get the property market moving.

"As the largest UK-wide network of mortgage consultants operating in estate agency offices, we see this first hand the issues facing borrowers. In a market ravaged by uncertainty and almost daily headlines around the economy, house prices and employment issues, the concerns are that the rates for mortgages products are slowly beginning to edge upwards, with mortgage lenders increasing the rates they charge on new products over recent weeks. Rates are likely to continue to rise as pressures in the Eurozone and liquidity in the wholesale funding markets continue which could cause the market to stagnant.
"We are now seeing an increase in the appetite from borrowers looking to take advantage of competitive remortgage products on offer, with over 31% percent of mortgages applied for in December 2011 by Countrywide customers being remortgages. Despite the rate rises for new mortgage products, it is now a good time for borrowers to review their options and consider remortgaging to take advantage of the great deals on offer."


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