London buyers 'unlikely to gain' from rate cut
Anyone hoping to be able to get a cheaper mortgage to buy a house in London after today's Bank of England base rate cut is likely to be disappointed, it has been suggested.
Commenting on the decision by the Monetary Policy Committee to lower the base rate by 1.5 per cent, insurance firm Legal & General said: "The cut today is welcome, but sadly many borrowers aren't going to benefit."
The firm stated that many lenders did not cut their standard variable rate deals last month and they are under no obligation to do so.
Such a comment may prompt some to decide that renting in London is the best way forward.
The cut today was the largest since 1981 and brought the base rate to three per cent, lower than at any time since the Monetary Policy Committee was formed in 1997.
Published 6th November, 2008
© 2008 Estates IT Limited
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Anyone hoping to be able to get a cheaper mortgage to buy a house in London after today's Bank of England base rate cut is likely to be disappointed, it has been suggested.