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Loan News

USwitch Reports Further Utility Bill Rises For Homeowners
Despite Britain's six largest energy suppliers increasing the cost of their tariffs only a few months ago, consumers could be set to find themselves coming under further financial pressures, it has been suggested.

Drivers Urged To Check Motor Insurance Small Print
It is important for motorists to be fully aware of the terms and conditions of their motor insurance policies, it has been suggested.

MPC Maintains Interest Rates
The base rate of interest has been left unchanged, it has been announced.

Interest rate changes ‘major worry’ to buyers

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Interest rate changes major worry to buyersThe impact of May’s interest rate rise is to dampen property affordability, one industry expert has suggested.

According to Howard Archer, chief UK and European economist for Global Insight, the Bank of England’s decision to increase the base rate to 5.5 per cent will see consumers - and in particular first-time buyers - to struggle even further to meet property deposit costs and secured loan repayments.

He claimed: "Furthermore, we believe that interest rates will rise by a further 25 basis points to 5.75 per cent within the next couple of months, which will be a major worry to potential house buyers."

Mr Archer added that although the base rate could even reach six per cent before the end of the year, property prices will fall "only gradually".

Meanwhile, consumers were reported to be leaning towards Secured Loans ahead of credit cards as a more competitive way of financing their spending.

The Global Insight economist’s comments follow research from the Bank of England indicating that 107,000 mortgage approvals were made over April, the lowest figure recorded for 12 months.

Interfinancial providing you with breaking secured loans news.ADNFCR-506-ID-18167525-ADNFCR

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