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Interest Rate Unchanged for May

Posted May 8th by Nigel

 

The Bank of England's Monetary Policy Committee has voted to leave interest rates at 0.5%. It is the second month in a row that base rate has remained unchanged. Instead the Bank revealed its programme of purchasing government and corporate debt will increase in size by £50 billion to a total of £125 billion. The committee added that it could take another three months to complete the programme.

Mortgage sales up ………

Signs of confidence returning to the mortgage intermediary sector have further fuelled hopes that a recovery in the property market may be underway. Research from Paragon Mortgages found that advisers expected an upturn in business of 3.6% between April and June compared to the first three months of the year, the first predicted increase in activity levels since the third quarter of 2007. Almost a quarter of advisers thought business would rise 10%, while nearly one in six predicted a rise of between 6% and 10%. "Brokers are a key barometer of the health of the housing market," said John Herron, managing director of Paragon Mortgages. "They are telling us that mortgage business levels are picking up, which should translate into more housing market activity."

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The views given in this blog are those of mortgages4me, a trading name of Smith & Pinching Financial Services Ltd, which is authorised and regulated by the Financial Services Authority.  These views are market and economic views and should not be interpreted as giving advice.  Whilst every care has been taken in producing this blog, Smith & Pinching Financial Services Ltd will not be held responsible for any inaccuracies, omissions or misquotations.  Registered office: 295 Aylsham Road, Norwich, Norfolk, NR3 2RY.

Registered in England No. 3487726. Registered Office, 295 Aylsham Road, Norwich, NR3 2RY. mortgages4me is a trading name of Smith & Pinching Financial Services Ltd, which is authorised and regulated by the Financial Services Authority. Our FSA registration number is 186616. You can verify this and other information by checking the FSA's register at their website www.fsa.gov.uk.

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