First Choice Finance - Mortgage Broker First Choice Finance Compare Home Owner Loans
First Choice Finance - Mortgage BrokerCompare Home Owner Loans


January base rate stays the same

January base rate stays the same

 



Video transcript

The Bank of England has kept its base rate at 0.5 per cent in January, which will be good news for homeowners as they continue to pay off their mortgages.

A statement from the UK`s central lender indicated that the state of the economy was such that it didn`t feel the need to alter its policy, which has been at the historically low level since March 2009 when the Bank was trying to stimulate the markets.

In truth, there had been little expectation of the rate increasing this month as the Bank of England`s governor Mark Carney has previously suggested that he won`t entertain the idea until the unemployment rate gets below seven per cent, which is expected to be late this year or early 2015.

Even then, Mr Carney has made it clear that it won`t automatically mean that the interest rate will go up, which is good news for people with mortgages tied to the base rate and those who are looking to get a mortgage.

Maintaining the low base rate means that there`s no reason for variable rate deals to go up that are linked to the BoE rate, while people hoping to take out new tracker deals won`t , for now, suddenly be faced with costlier interest payments than before the announcement.

Low interest rates also mean that it could be worth looking at mortgages that allow you to overpay the capital back. Many mortgage lenders let you pay off up to 10% of the capital per year, so maybe you can knock your balance down whilst the going is good.

Find out all you need to know about what the base rate staying at 0.5 per cent means to you and your mortgage scenario by visiting firstchoicefinance.co.uk or by giving us a ring on 0333 003 1505 or 0800 298 3000.
 

Homeowner Secured Loans
Rates From 7.1% APRC Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property. First Choice are tied to certain loan providers.

Mortgages & Remortgages
4.5% APRC
Representative Example: Borrow £80,000 over 25 years At 4.6% Variable, £461.95 for 300 months.
Total Payable £138,585. Total Cost Of Credit £58,585 (incl £1360 fee).


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home

First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.


  Best Deals & Latest News

Debt Consolidation Remortgages & Loans

Release Equity Via A Remortgage or Loan

Mortgage & Remortgage LTV Calculator

Reasons Why Mortgages May Be Rejected

Remortgage With Bad Credit

Online Home Loans
Secured Loans and Remortgage Advice
Loan or Mortgage Application

Loan Plans

Mortgage and remortgages - Best Buys

Loan Company Uk

First Choice Finance is a UK loan company with over 25 years experence helping people First Choice money for almost any purpose apply online and speak to one of our dedicated loan underwriters.



Brits highlight biggest financial blunders