Get into a fix fast with GE Money Home Lending

GE Money Home Lending (GEMHL) has today confirmed that despite the recent increase in the Bank of England (BOE) base rate in January, it has held rates on its fixed rate products across the igroup and First National ranges.

The news comes at a time when many commentators feel another rate hike is on the horizon - possibly even next week.

As the Monetary policy Committee meets again on the 8th February to discuss the next potential Base Rate increase, GEMHL can confirm that should rates increase to 5.5% or above, its fixed rates will remain at their current level during this time.

Previous research by GEMHL, amongst 100 mortgage brokers, credit brokers and packagers, indicates that the market in 2007 offers great opportunities and challenges for both themselves and for UK consumers. However, it also reveals that the future uncertainty over BOE base rates emerged as the main concern for mortgage intermediaries with almost 9 out of 10 claiming this to be the key issue for them in 2007.

Gerry Bell, Head of Mortgage Marketing at GE Money Home Lending, said: “The potential of increases over the coming months in the Bank of England Base Rate is a common concern for many intermediaries and consumers. In response to this and the surprise hike in Base Rates on 11th January, we have held all fixed rate deals across our igroup and First National product ranges, offering some of the lowest rates on the market today. At a time when most commentators see fixed rates deals rising, brokers should act fast to ensure they secure competitive fixes for their customers.

“Mortgage brokers are worried about the impact of rising interest rates because their customers are. We have now seen 3 rate increases over the past 6 months and with energy and fuel costs also increasing, the security of a fixed rate of interest is very desirable for those seeking to get onto the housing ladder or remortgage. By holding our rates at present we are responding to the needs of both groups However customers need to hurry to secure these deals as they will not be round for long.”