/24-7PressRelease/ - LONDON, UK, January 17, 2008 - Homeowners hoping for a back-to-back rate cut must have been disappointed over the Bank of England's move to leave the interest rate unchanged. Homeowners were hoping for an early rate cut in the New Year as a welcome relief from the last year's financial turmoil.
Some of the lenders have still not passed on the December rate cut to their customers having variable rate mortgages. Those borrowers who have a mortgage that tracks the Bank of England's base rate will have benefited from last month's cut almost instantly, but those whose mortgage tracks lender's own standard variable rate may have to wait in order to feel the result of the reduction.
Last December, the Bank of England cut down the interest rate by 0.25% providing some relief to millions of mortgage holders and those with secured loans. An estimate tells that the cut brought relief to homeowners to the tune of 16 a month off repayments on a 100,000 loan.
Approximately, one million homeowners are approaching the end of their fixed rate mortgage deals. With Bank of England continuing the current rate of interest, it will not be an easy task for these borrowers to negotiate new deals, especially under the prevailing tough market conditions.
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