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Record fall in inflation paves the way for more rate cuts
The announcement that CPI has fallen to 4.5% leads Mortgages for Business to believe that rates will be cut further in December and they also state that it wouldn't be surprising if the Bank of England slashes a further 1% off Base Rate before the year is out.
While the spread between LIBOR and Base Rate remains wide (3m LIBOR currently stands at 4.15%), mortgage rates will be slow to follow suit although the market is starting to see some improved pricing in residential mortgage rates. A couple of lenders this week have launched fixed rate mortgages at 3.99% and tracker rate mortgages are available from 4.39%.
David Whittaker, Managing Director at Mortgages for business says: “Buy to Let mortgage rates will be slower to return and it may not be until early next year when confidence returns to the money markets and lenders set their targets for lending in 2009. Rest assured, at Mortgages for Business we are in constant contact with all the main lenders and will send updates out to our clients as soon as there is some positive movement.”
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