The news released last week stating that the Bank Of England base
rate is being held at 0.05% raised sighs of relief among those already
hit badly by the credit crunch.
This rate which is the lowest in
history was of course introduced to kick start the economy and bolster
lending and borrowing which are crucial factors for a healthy economy.
The
Government thought that by bringing in this very low rate it would
encourage building societies to keep their mortgage and remortgage
rates low, and thus encourage first time buyers and homeowners wanting
to move house to obtain a low rate mortgage.
This would help the economy recover and help the stagnant housing market.
However
the government must now be extremely disappointed to note that only
last week the Woolwich increased their two and five year fixed rate
mortgage and remortgage rates by 0.06%. Quite a substantial increase
all at once.
R.B.S which is 70% tax payer owned has just announced that they are withdrawing some of their better interest products.
There
still are excellent fixed products to be had, and and if someone is
thinking of obtaining a remortgage or mortgage in the near future, it
would be advisable to apply now.
There is no point in waiting, as
rates are very unlikely to come down in the foreseeable future, and
there are still good tracker and fixed rates available.
With a
fixed rate a homeowner knows exactly what they are going to pay for
their mortgage every month for two years, five years or for however
long they chose as the fixed period.
The Manchester Building
Society are currently offering a fixed rate mortgage for thirty years.
A fixed rate really does help you manage your finances by allowing you
to know exactly how much you need to put aside every month to pay your
mortgage.
The advice from the experts is that now is the time to
apply for the mortgage or remortgage you have been contemplating.Apply
online here for a no obligation quote.
Remember that you can use a
remortgage to fund large purchases and homeimprovements,as a means of
debt consolidation or simply to obtain a better rate.

http://www.championfinance.com