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BoE holds interest rate at 4.5%

The Bank of England has voted to keep interest rates on hold at 4.5%

The decision by the nine-member Monetary Policy Committee comes after last months cut of a quarter point from 4.75%, the first cut in two years.

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MI launches stepped deal for graduates

Mortgage Intelligence has launched a deal designed to take graduates from university to their first step on the property ladder. The UNI-STEP deal combines a stepped fixed rate with a loan that could be 6 x the graduate’s income if supported with a parental guarantee. To ensure affordability, guarantors are assessed on an individual basis. […]

Katrina ripples will affect base rate

National Australia Bank is predicting that the Bank of England’s Monetary Policy Committee will opt to ‘wait and see’ when it comes to September’s base rate decision. The bank cites the devastation caused by Hurricane Katrina in New Orleans as a factor that will push up oil prices and says this will be one reason […]

John Charcol comments on base rate hold

Ray Boulger of John Charcol, independent mortgage adviser, comments on the decision by the Monetary Policy Committee to keep base rate on hold at 4.5%:He says: “Whilst it was a foregone conclusion that base rate wasnt going to move, the MPC meeting will have had much to take into account due to the impact of […]

Dear Delia

Alan is a taxi driver in Birmingham earning 30,000 a year. He has a mortgage of 91,500 on his flat now valued at 130,000. He has a secured loan of 14,500 plus 7,000 credit card debts and one County Court judgement for 450. He lost his driving licence for six months and missed payments on […]

What triggers the MPAA?

Jim Grant – Senior Product Insight & Technical Support Analyst There’s sometimes confusion around what triggers the money purchase annual allowance. Find out what does and what doesn’t trigger the MPAA. The money purchase annual allowance (MPAA) is a reduced annual allowance that can apply to contributions to defined contribution (DC) schemes. The following table […]

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