UK Money News
16th January 2008
Fixed-rate interest 'higher despite rate cut'
The majority of fixed-rate mortgage deals being offered in the UK have increased in recent weeks despite the cut in the base rate of interest by the Bank of England, it has been revealed.
Millions of Britons are in need of help with money as a result of mortgage repayment pressures and base rate reduction last month does not appear to have eased the personal finance problems of homeowners around the country.
Moneysupermarket.com reports that while consumers with a particularly good credit history can secure an improved fixed-rate mortgage following the base rate cut, the same cannot be said for the majority of people in the UK.
"Our data shows, on average, unless you are a low-risk borrower, a new fixed-rate mortgage will cost you more," said Louise Cuming, head of mortgages at Moneysupermarket.com
"I shudder to think what would have happened to the average fixed-rate mortgage if the Bank of England hadn't cut rates."
In related personal finance news, the Yorkshire Building Society launched a new range of fixed rate mortgage deal last month.
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