Peter Rollings commenting on today's decision from the Bank of England’s MPC
“The MPC has mercifully realised the crucial importance of cutting rates. But: it’s not going to make any difference to the housing market at all if the banks don’t pass this cut onto borrowers.
“That banks have raised or even scrapped their tracker rates this morning is hugely demoralising for buyers and homeowners. The banks are covering their backs – if they bring mortgage rates down after today’s cut it will only be back to where they’ve been in the last two weeks. It’s not good enough. The base rate cut on its own will improve sentiment, but that’s all – high street lenders must not thwart the authorities’ attempts to revive the flagging market.”
Bookmark
Email this
Comments (0)
Subscribe to this comment's feed
Write comment
