GE Money has also announced that the deal is available to new purchasers and to those remortgaging their property, categorized as Near Prime Plus. Applicants categorized as Near Prime can take advantage of a 7.34% interest rate on a three-year discounted mortgage.
GE Money has reported that its research has revealed that almost three quarters or 70% of the UK’s mortgage brokers believe that the Bank of England base rate will end the year lower than it finished 2007. 61% of brokers predict that the base rate will finish the year between 5% and 5.4%. However, one-in-ten brokers or 9% predict that the Bank of England base rate will fall to below 5% by the end of 2008.
Gerry Bell, head of mortgage marketing at GE Money Home Lending, said: Despite the January decision to hold, our latest research reveals brokers expect the Bank of England base rate to fall throughout 2008 – many of which believing it will fall below 5%. Discounted rates are likely to become more popular throughout the year, so we have responded to this demand with the launch of a competitive new range of discounts, which will be attractive to many brokers.
