Bank of England Base Rate remains at 0.5% - 10.09.2009

Author: Michael Aglony Posted on: 10 September 2009

It comes as no surprise that Bank of England announced today that Base Rate will stay at 0.5% and we envisage this to be the case until the end of 2009 and well into 2010 as the country slowly recovers from the current recession.
 
As we mentioned last month, lenders are still paying high rates for money in spite of the LIBOR rate and SWAP rates as they currently stand. However, this month we envisage some movement on rates as lenders look to meet their lending targets before the year end - we will of course keep you up-to-date with rate changes and new products as they are released to us.

Above you can see the competitive Buy to Let 4.70%, 2 year discounted tracker with 75% LTV and a 3% fee  or if you are looking for an alternative we have the 5.40%, 2 year discounted rate, 75% LTV and a 1.5% fee.

In addition to this we have been working closely with Aldermore Bank and we have seen criteria enhancements as a result. Further positive changes are likely in the near future making it even easier to secure funding for HMOs, Semi-Commercial property and Limited Company Buy to Lets.

As always, Mortgages for Business has access to all the lenders who are currently active in the market so please do call us to see how we can help you if you require a Buy to Let mortgage, Residential mortgage, Commercial mortgage or Property Development Finance. Keep an eye out for our product alerts, blogs and e-mails keeping you up-to-date on activity in the mortgage market.

Author: Michael Aglony