Homeowners ‘Should Be Aware’ Of MPC Decisions
Topics: single, people, less, diligent, regarding, mortgages, interest, rates, loans, cheap, rate, finance, credit, loan
Single people appear to paying less attention to their finances, new research shows.
In a study carried out by Ipsos MORI from Intelligent Finance, those who are living on their own are twice as likely to ignore the Bank of England’s monetary policy committee (MPC) decision on interest rates than couples. The MPC is due to meet later this week in the first of its monthly meetings regarding the base rate of interest for 2008.
And should the committee opt to lower interest rates, homeowners may find that pressure on their finances lessens as their monthly mortgage repayments fall. In addition, this may allow consumers to meet other sources of monetary demand, such as personal loans, overdrafts and grocery and utility bills, more comfortably.
Commenting on the figures, Cammy Amaira, director of sales for Intelligent Finance, said: “It seems that the image of the carefree single is certainly true where mortgages are concerned. But regardless of whether you are single or in a relationship, making your money work harder for you by choosing the right mortgage should be a priority. Offset mortgages can give that peace of mind by allowing customers to pay no interest on part or even all of their borrowings – that’s a good deal whether rates go up or down.”
According to the study, more than half (54 per cent) of single people state that they will not take any notice of what the MPC decide to do later this week. Meanwhile, 30 per cent of those not in a relationship are “fairly” concerned about what will happen. However, just one out of 100 such consumers assert that they are “extremely” worried.
On the other hand, just 28 per cent of consumers who are either married or co-habiting with a partner claim that they will ignore any moves made by the committee. Some 39 per cent are “fairly” apprehensive, with eight per cent “extremely” anxious. However, across all of those holding a mortgage 34 per cent will not pay any attention to the MPC.
Intelligent Finance went on to suggest that opting for an offset mortgage could allow homeowners to make their “money work harder”. In taking out such a product against a property worth 194,895 pounds on a 25-year deal, the firm claimed that a couple could save up to 61,389 pounds 87 pence and complete making repayments some five years and three months ahead of schedule.
Despite such indifference by a significant number of Britons, the MPC decision may have a great impact upon many consumers. Research carried out by Citizens Advice last month indicated that a rising number of homeowners on subprime mortgages are developing problems meeting monthly demands for payment. The study also indicated that many more people on low incomes are looking for help in making secured loan and mortgage repayments. For these homeowners, getting a loan for debt consolidation purposes may help to relieve financial pressures.
Tom Dawson is the Editor in Chief for Essentially Home Loans where visitors can apply for cheap loans online. We also specialise in loans for debt consolidation, and cheap secured loans. Visit our site today www.essentiallyhomeloans.co.uk
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