BoE freezes base rate in the British sunshine

BoE freezes base rate in the British sunshine

Your privacy is important to us. By sending this you agree that only First Choice Finance may use these details to contact you. Any data we hold for you will be handled in accordance with our PRIVACY NOTICE.
Highest Loan To Value Purchase Mortgages And Remortgages - Low Rate Loans From £5,000 To £150,000 - Release Your Equity With An Equity Release Plan

Video transcript

The Bank of England`s base rate has remained at 0.5 per cent; a level it`s maintained since March 2009.

The base rate decision means that people with variable rate mortgages won`t have to worry about paying extra interest on their home loan for now, while people looking for new deals won`t see their options suddenly become more expensive across the board just yet.

Generally, the housing market has been growing in recent months, despite the best efforts of the recently implemented mortgage market review (MMR).

In theory, MMR is likely to make criteria more stringent to purchase a property, but figures from the Council of Mortgage Lenders (CML) suggest that sales haven`t dried up very much at the moment.

Time of course will ultimately tell if this is to continue.

The CML notes that loans to first-time buyers rose by nine per cent month-on-month in May and 19 per cent annually, while the monthly figure for people who are moving home was eight per cent.

The CML`s Paul Smee suggests that thus far, the impact of MMR "appears subtle, rather than dramatic".

However, if prices continue to rise, more and more people may find that they struggle to afford their dream home as MMR changes by lenders may suggest to lenders that they won`t be able to afford to pay it back and thus will not approve the mortgage.

To find out what mortgages are available to you right now through a free quotation service, speak to our mortgage adviser team .

Talk through your goals confidentially and we`ll aim to match you up with a great mortgage deal on a no-obligation basis.

If you like what you hear then and only then will we proceed.

Find out more about how we can help you buy or remortgage by visiting firstchoicefinance.co.uk or call the team on 0800 298 3000 or 0333 003 1505 from your mobile.
 

Return to the video homepage


Homeowner Secured Loans
9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages
8.4% APRC.
Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.

First Choice Finance - Reviews

Read Our Genuine Reviews


This website uses cookies. Find out more

Loan Plans