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BOE interest rate cut will make secured loans cheaper?
Hi,
Did the BOE rate cut this month make the interest rates charged for secured loans drop? and will they drop if the BOE cuts interest rates again?
I'm considering gettting a secured loan but would wait if the average rate charged by lenders could drop soon. I can currently see interest rates of 7.8% on price comparison sites.
Did the BOE rate cut this month make the interest rates charged for secured loans drop? and will they drop if the BOE cuts interest rates again?
I'm considering gettting a secured loan but would wait if the average rate charged by lenders could drop soon. I can currently see interest rates of 7.8% on price comparison sites.
0
Comments
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Unlikely due to falling house prices, rises in negative equity and therefore much higher risk for second charge loan companies.0
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Best to approach your mortgage provider.
Most secured loans from non mortgage providers are a nightmare and aren't related to the BoE base rate.
Spend some time reading theses boards about various secured loans and remember they can and do increase their rates arbitarially0
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