New Mortgage Interest Rates Fall To Record Low
Interest rates for new mortgages have dropped to the lowest level since 1988 according to a new report by moneyfacts.
The reason for the fall in interest rates is due to the Bank of England base rate remaining at 0.5%.
Director of Debt Support Trust Stuart Carmichael said, “Interest rates on mortgages must remain low as consumers are already hard pressed to meet their living costs. The financial tight rope people are walking is intense and increasing interest rates would be enough to tip thousands of people over the edge. If people are not paying their mortgage already because of their debt problems then they should be speaking to a debt advice charity immediately. Often by creating a structured plan for unsecured debt people are able to recommence payments to their mortgage provider.”
Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;