Please select a service we provide from the menu.
Login to retrieve or track an existing case.
Take advantage of low rates to repay more
04/06/2009
Businesses and people in Northern Ireland can continue enjoying the historically low interest rates following the Bank of England's Monetary Policy Committee's decision to leave the official borrowing rate at its current level.
The institution has decided to maintain the base rate at 0.5 per cent and carry on with its programme of quantitative easing and asset purchases totalling £125 billion.
People with tracker mortgages, whose payback cost is directly impacted by the rate, will continue enjoying low repayments and experts have been urging consumers to take advantage of the situation and overpay if they can afford it.
Reacting to the development, financial website Motley Fool's director David Kuo said: "It is difficult to gauge from a couple of months' figures how lending would have fared without the introduction of quantitative easing.
"That said, businesses have been repaying debt, and consumers should do likewise," he stated, adding "we are not out of the recessionary woods yet".
Drew Nesbitt, a member of the commercial department at Wilson Nesbitt Solicitors added that "both business and consumer alike should try and repay unsecured base rate linked short terms loans to ensure security and increase the potential availability of monies which can be reinvested when the economic situation improves."
Contact us for legal advice
The institution has decided to maintain the base rate at 0.5 per cent and carry on with its programme of quantitative easing and asset purchases totalling £125 billion.
People with tracker mortgages, whose payback cost is directly impacted by the rate, will continue enjoying low repayments and experts have been urging consumers to take advantage of the situation and overpay if they can afford it.
Reacting to the development, financial website Motley Fool's director David Kuo said: "It is difficult to gauge from a couple of months' figures how lending would have fared without the introduction of quantitative easing.
"That said, businesses have been repaying debt, and consumers should do likewise," he stated, adding "we are not out of the recessionary woods yet".
Drew Nesbitt, a member of the commercial department at Wilson Nesbitt Solicitors added that "both business and consumer alike should try and repay unsecured base rate linked short terms loans to ensure security and increase the potential availability of monies which can be reinvested when the economic situation improves."
Contact us for legal advice
Bookmarks
