Despite the fact that some banks have been busy raising the rates on their set mortgages, the Bank Of England seems quite sure that there will be no official rise in this area for some time to come.
The Bank Of England has released a statement putting banks and those seeking mortgages on notice that they have no intention of raising the base rate from its historic 0.5 low any time in the foreseeable future.
This has not surprised many financial experts and many have greeted it as welcome news.
Many experts feel that England is in for a fairly drawn out recovery period from this recession, and see no reason to raise the interest rates at this stage; in fact, a lot of people have expressed the opinion that this could be counterproductive.
This will come as very welcome news for some buy to let landlords who have only recently started to benefit from those low interest rates.
Granted, buy to let loans are very difficult to get at the moment with the hoops that have to be jumped through to qualify, but if you are in a position to buy, the buy to let the interest rates are now very favorable and there is certainly money to be made.
Let’s hope some landlords now start to profit from the interest rate’s record low; it has been a long time coming for this sector.
