FTBs must snap up mortgage deals

13-Oct-2008

First-time buyers (FTBs) need to snap up the best mortgage deals, experts believe.

After the Bank of England's announcement last week that the interest rate has now been reduced by half a per cent, potential homeowners are told to grab the offers while they last.

Peter Bolton King, chief executive of the National Association of Estate Agents, says: "Reducing the rate will help send a clear signal to the market, encourage lenders to reduce their rates and allow the current mortgage shackles to be loosened."

Following the announcement, a number of lenders withdrew their tracker mortgages, including Halifax, Standard Life, Lloyds TSB and Cheltenham & Gloucester.

Those who are already on a tracker mortgage will also reap the benefits of the rate fall.

A reduction in interest rates was revealed a day early by the Bank as the announcement was expected on October 9th.

The base rate is now at 4.5 per cent.

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