New three year discount mortgages
Nearly 70 per cent of mortgage brokers feel that the Bank of England’s base rate will finish at a competitive rate compared with last years figures, research carried out by GE Money explains in more detail.
Over 61 per cent expect the base rate will end the year between 5.0 per cent and 5.4 per cent. Many brokers feel that the Bank of England’s base rate will drop under 5 per cent following the last quarter of 2008.
GE Money Home Lending has introduced a predominantly eye-catching discounted rate for first time buyers. The 3 year mortgage product offers a rate from 7.19 per cent. This discount mortgage product has a better LTV rate and requires only a 5 per cent deposit. The (FTB) three year discounted mortgage offers a competitive rate starting from 7.79 per cent.
Head of Mortgage Marketing, Gerry Bell commented: “Discounted rates are likely to become more popular throughout the year, so we have responded to this demand with the launch of a competitive new range of discounts, which will be attractive to many brokers.”
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