SELL YOUR HOME QUICKLY38 Mortgage lenders cut rates
In a move welcomed by homeowners across the UK, more than a third of banks and building societies have cut their mortgage rates. The move came almost two weeks after the Bank of England’s quarter-point base rate cut.
According to price comparison website, Moneyfacts.co.uk, 38 British lenders have announced that they will cut their standard variable rates following BoE’s rate reduction earlier this month. Most, including the largest four – Halifax, Abbey, Lloyds TSB and Nationwide – passed on the full 0.25 percent cut. However, fifth-largest Northern Rock took the opportunity to boost margins by reducing its rates by only 0.10 percent.
New hope for cash-strapped homeowners?
The home loan rate reduction follows an emergency meeting between government and mortgage lenders over the effects of the credit crisis. BoE earlier unveiled an ambitious plan to swap banks' risky mortgage assets for at least 50 billion pounds worth of government debt in the latest bid to spare Britain from the ravages of the global credit crunch.
Despite the elaborate plans, it might not be enough to help cash-strapped homeowners survive. With the costs of essentials like food, petrol and electricity continuously rising, people simply can’t afford to keep up with their mortgage payments. This could lead to mortgage arrears and ultimately, repossession.
Prevent repossession with MPG
Don’t allow bad debt to ruin your financial future. There is a quick and easy solution to mortgage arrears and unaffordable home loan payments. Contact MPG to find out how you can sell your house for cash in only 7 days. No fees and no hassles – a guaranteed cash house sale is only a phone call away!
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