National Homebuyers: 'Bank attacked for inadequate rate cut'

The Bank of England has been slammed for acting "too late" in cutting the base rate of interest, potentially leading to financial difficulties for many.

[ClickPress, Mon Feb 18 2008] Mform has attacked the Bank's Monetary Policy Committee (MPC) for acting too slowly.

The MPC announced today (February 7th) that interest rates have been cut by 0.25 percentage points.

However, mform said that this reduction is too small and could lead to financial difficulties for many homeowners in the future.

"The Bank's rate cut is too little, too late and should have been at least 0.5 per cent," commented Eamonn Rice, chief executive of the firm.

"Borrowers are unlikely to see much benefit from this cut as many lenders have increased rates on fixed and discount mortgages ahead of the Bank of England decision," he continued.

Mortgage lenders were slammed in December after many failed to pass on the full 0.25 percentage point cut which was announced in the month.

Fast property sale expert Julian King says, "Homesellers are still affected by the lack of potential buyers. This will continue for some months.

"Homeowners who are looking for a quick property sale are finding life much faster and cost effective using a quick sale company.

"Likewise those in financial difficulty are finding solace in solutions like Sell and Rent Back".

Mr King is a director of National Homebuyers, the UK's leading quick property sale firm that guarantees to make an offer on any property in the UK, regardless of its condition or location. The company also offers the Sell and Rent back solution for homeowners

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