Bank of England considers interest rate rise for 2014

Mon, 21 Oct 2013

Bank of England considers interest rate rise for 2014
The Bank of England (BoE) says any rise in the base rate of interest would not harm those applying for Help to Buy mortgages.

Ben Broadbent - who forms part of the committee which decides rates - told Sky News that the BoE could increase the levels of interest by a "fair amount" without it impacting on potential homeowners trying to take advantage of the government initiative.

At the moment, interest rates are at a record low of 0.5 per cent - and have remained in this state since March 2009.

Any rise would result in mortgage payments going up for homeowners - which in turn could lead to an increase in the number of repossessions if they then struggle to keep up with higher payments.

However, the BoE has said as recently as August that it does not intend to raise the 0.5 per cent level until unemployment rates go back down to seven per cent.

Concerns have already been raised that the Help to Buy scheme will eventually lead to another housing bubble if those getting involved find themselves in trouble when rates of interest do eventually go up.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

Note: For a free no obligation chat with an independant mortgage specialist about your requirements please complete ourmortgage enquiry form below.

Mortgage, Remortgage or Buy-to-Let Mortgage Enquiry Form

Stop Press: Find the perfect mortgage!
Lending criteria has been relaxed and our specialists can find you great mortgage offers to compare.
Our team do all the work to find you the best offer
We'll help you find the best mortgage for your needs and ensure that everything runs as smoothly as possible.
Deposits required are again falling
The cost of the best deals has dropped recently for those borrowing either 80%, 85% or 90% of their property's value
Independent, searching the whole market
With 1000's of mortgage products available our mortgage brokers will source the mortgage that suits your situation.
Please complete this quick, free enquiry form.




mths

Your Details

Home Buyer Guides

Home Buyer News

Speak with an independant mortgage specialist

About Company

HomeBuyService.co.uk is part of the SFN Network of websites. Sitefinders Net Ltd is a U.K based company setup in 1995. Our core business is the development of online businesses using the generic domain name concept. We have a growing portfolio of websites in many different industries such as electronics, finance, retail, seasonal and health.

Privacy Policy
FAQ
Sitemap

Get in Touch