Reaction to the decision not to change rates on secured loan rate UK products has been mixed. While most agree that keeping the secured loan rates UK where they are is important for the economy, they do acknowledge that consumers need to have some access to lower rate loans if they are going to stay afloat. It appears as though there is a bit of a vicious circle at this time with secured loan rates UK, and that may not stop for some time, at least until the housing market and the economy are on better footing. Until that happens, consumers can expect higher rates overall.
CML director general Michael Coogan said: “Holding the Bank rate is better than raising rates, as one MPC member suggested last month, but a reduction would have been a welcome recognition of the current financial strains on households already struggling with hikes in other living costs.
“As a result of recent bank rate reductions, mortgage rates are below their peak at the end of 2007 but many consumers will be looking to the MPC to respond soon to the slowing economy and reducing inflationary pressures.”
Related reading: Secured Loan Rate UK
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