BM Solutions News

ONE THIRD OF BROKERS EXPECTS THREE MORE RATE CUTS IN 2008

05 March 2008

As the industry prepares for Thursday's announcement from the Monetary Policy Committee, brokers are clearly expecting further cuts in base rate, latest research from BM Solutions demonstrates.

Whilst nearly half of brokers questioned (49%) believe that the interest rate won't dip below 5% this year, over a third expect rates to go as low as 4.5% - which would require another three reductions.

The vast majority of brokers (83%) believe that we have seen the rate peak for 2008, believing that 5.5% was the highest it would be this year. Just over a third of brokers believe that the year will end at 4.75%, whilst 47% think that 5% is more likely.

Commenting on the figures, Phil Rickards, head of sales at BM Solutions commented, "February's cut was as widely supported as it was expected. Brokers are expecting that to be the first of many reductions this year. If rate movements are as frequent as their predictions, the role of brokers will be all the more important in providing their client with best advice."

BM Solutions is the UK's number one specialist lender, providing market leading products in the Buy to Let, Self-cert, Sub-prime and First Time Buyer sectors. Five star service is supported by forward thinking technology: recent process enhancements include emailed confirmation of offers to the broker, Buy to Let multiple applications copy and instant offers, all delivered through the comprehensive One Minute Mortgage system. Visit bmsolutions.co.uk for full information of online service features.

For further information contact:

Emma Partridge
emmapartridge@hbosplc.com
Press Officer

Clare Mortimer
claremortimer@hbosplc.com
Senior Press Officer