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11 April 08 - Borrowers 'Won't Be Aided By Cut'
New borrowers are unlikely to helped by the recent interest
rate cut, according to a financial comparison website.
The cost of mortgage deals for new customers is expected
to continue rising despite the Bank of England's Monetary
Policy Committee reducing the base rate for the third time
since December.
The mortgage market is currently changing on a daily basis
as lenders reprice their loans and pull deals that are attracting
too much business, and the rate cut is unlikely to change
the problems they face.
Louise Cuming, head of mortgages at Moneysupermarket.com,
said she did not think the reduction would filter through
to new mortgage rates.
"For new borrowers we haven't seen any of the last
two cuts translate into the rates for new products,"
she said
www.moneysupermarket.com/ (Moneysupermarket.com)
News items supplied by SelectNews, produced by PA Business,
part of the group that owns The Press Association, the UK's
national news agency. Copyright (c) PA Business 2007.
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