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Base rate rise 'will not affect mortgage holders in near future'
Posted by Mark Cunningham
People with tracker mortgages should not be concerned about the prospect of their charges going up in the near future.
That is according to Andy Pratt, chief operating officer at Alexander Hall, who has said that the Bank of England is "very unlikely" to lift the UK's base rate in the coming months due to the fragility of the country's economic recovery.
Last week (June 9th), the Bank's Monetary Policy Committee decided to maintain the figure at 0.5 per cent for the 27th month in succession, which may have come as a relief to consumers whose home loan is linked to the rate.
Mr Pratt has noted that this trend will probably continue for the time being, as long as inflation begins to fall steadily sooner rather than later.
"I would have thought that we are very unlikely to see a rate change for quite a long time," he stated.
14/06/2011 14:05
News category: Property