Will interest rates be cut?
The Bank of England meet this Thursday as they do every month. But the economic climate is still blowing up storm. Bad credit mortgages crisis is still hanging heavily in the wind. There is so much talk about house prices and people struggling to make ends meet never mind the increase in mortgage payments when they come of those fixed rates.
Remortgages are big business in 2008 “What will be the deal i can get” you will hear people cry. Location - location - location will be replaced with remortgage -remortgage remortgage!
New mortgage approvals have dropped again to 83′000 down from 89,000 in October which was the lowest since the start of 2005. House prices finished anywhere between 5-8% up depending on who statistics you agree with.
Although the Bank of England cut rates last month they are widely expected to cut them again this month due to the housing market slow down and the increased cost in borrowing due to the money markets feeling the effects the credit crunch.
