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GEMHL holds fixed rates

GE Money Home Lending has held its fixed rates despite the recent increase in the Bank of England base rate.

The rates starting from 4.54% will be held across the igroup and First National ranges.

It pledges that rates will be held for a limited period even if the Monetary Policy Commitee decides to increase its base rate when it meets on February 8.

GEMHL says that out of over 2,500 different sub-prime mortgages on the market only 70 are available with a rate below the current base rate of 5.25%.

Over eight out of 10 mortgage intermediaries claim potential of interest rate hikes is a key issue for them in 2007.

Gerry Bell, head of mortgage marketing at GEMHL, says: 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 January 11, 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 three rate increases over the past six 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.

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