Borrowers benefit from base rate cut
It is hoped that this further increase coupled with the recent reduction in VAT will stimulate consumer spending in the run up to Christmas.
Borrowers who are on tracker deals should see the benefit from January where a £150,000 repayment mortgage over 20 years, tracking the base rate at +0.5% will cost just £794.85, £195.08 less than 2 months ago when the base rate was 4.5%.
Borrowers can see how the change in base rate will impact on their monthly payment by using L&C's rate change calculator (http://www.lcplc.co.uk/calculators/what-will-happen-if-rates-change).
Borrowers on a fixed rate mortgage at present may well be feeling badly done by as they have not benefited from recent cuts in base rate. Depending on the rate of interest they are currently paying and the remaining period left to run on their fixed rate they may also be able to save money by switching to a new deal, despite paying an early repayment charge. By using L&C's early repayment charge calculator (http://www.lcplc.co.uk/calculators/early-repayment-charges), they can quickly find out what rate of interest they would need to pay to achieve this.
For more information and no-fee advice, borrowers should call free on 0800 373300.
-Ends-
Notes to Editor:
London & Country (L&C) is the UK's leading no-fee mortgage broker. Based in Bath, it provides whole of market advice via telephone and post to clients nationwide. As well as residential mortgages, it also specialises in the Buy-to-Let and adverse-credit sectors.
L&C is a Climate Neutral company and for the last seven years has invested in climate friendly projects and tree-planting to help offset its emissions and those of its customers. For more information, go to www.lcplc.co.uk/green (http://www.lcplc.co.uk/green).
L&C has won numerous awards including:
Best Mortgage IFA/Adviser of the Year - Money Marketing, 2004, 2005, 2006 and 2008
Best Technology Adviser - Money Marketing 2007
Best Mortgage Broker outside London - Mortgage Strategy, 2004 and 2005
Best National Broker - Mortgage Introducer 2005, 2006 and 2007
Best Overall Broker - Mortgage Introducer 2005
Overall broker of the year - Pink Home Loans, 2006 and 2007,2008
Top 100 company in the Sunday Times Fast Track 100 for 2004 and 2005
Business of the Year - The Bath Business Awards 2005
Growth Strategy of the Year - National Business Awards (Wales and West) 2008
Business Leader (Broker) - British Mortgage Awards - 2008
Online Mortgage IFA of the Year - Financial Adviser - 2008
Press Contacts:
Richard Morea, Technical Manager
Office: 01225 341312
Mobile: 07970 885168
David Hollingworth, Head of Communications
Office: 01225 341211
Mobile: 07710 634044
www.lcplc.co.uk (http://www.lcplc.co.uk)
Borrowers benefit from base rate cut
***Note This page is an Archieve of Publicly released information either through our company or another Press Release organization. We do not "fact check", "Support", nor "Dispute" any of the information provided to us. We are a distribution point and Historical press release research and search service. This information only represents the fact that at one point in time the release was distributed to 1000's of publications both online and off. PRNewsNow will not take sides in any personal or commercial disputes you have with the writer of this press release. We will defend its right to exist blindly and without regards to its political, commercial or personal implications.***
