TODAY’S CUT IN RATES WILL MEAN NOTHING UNLESS LENDERS PASS IT ON

November 2008

Nick Rhodes, Sales Director of Independent Mortgage Helpline, comments on the 1.5% cut in interest rates, announced today:

"While this could be good news for existing homeowners on tracker rates and those looking to remortgage from high fixed rates, it will mean nothing unless lenders pass on these cuts immediately across their product ranges. This is the key to unleashing some much needed energy into the market.

“Competition among lenders has disappeared yet there is a huge pent up demand from buyers willing and able to move once more competitive deals come to the market.

“The Government has provided a rescue package – now let’s see lenders using that wisely to rejuvenate the whole mortgage market.”

-Ends-

Notes to Editors

About Independent Mortgage Helpline
Independent Mortgage Helpline is part of the New Homes Group, sister company to both the New Homes Mortgage Helpline and New Homes Part Exchange. Independent Mortgage Helpline is an affordable homes mortgage specialist, providing mortgage expertise to purchasers taking advantage of the Government's affordable housing initiatives and shared ownership schemes.

For further information please contact The Wriglesworth Consultancy:

Sarah Lawrence s.lawrence@wriglesworth.com,
020 7427 1428

Claire Hendry c.hendry@wriglesworth.com,
020 7427 1407

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