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Mortgage
UK Slashes Interest Rates
The Bank of England has made the most drastic cut to UK interest rates since 1981. The new interest rate, set at 3%, is the lowest level the UK has seen since 1955. The extreme cut occurred Thursday, causing worry the UK heading into a long recession.
The credit crunch and current state of the mortgage crisis led to this 1.5% cut on UK interest rates. Now, mortgage lenders are feeling the pressure to pass the savings from this new cut on to the borrowers. Yet, most lenders are unsure as to how they will be passing on these savings due to the dramatic size of the interest rate cut. More...
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MORTGAGE
TODAY’S MORTGAGE RATES
| Loan Type | Rate | APR |
|---|---|---|
| Fixed | 5.6% | 6.9% |
| Tracker | 5.64% | 5.9% |
| Discounted | 5.7% | 6.9% |
| Capped | 6.05% | 7.2% |
About this index Rates may contain points
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