Sunny

Sunny

max temp: 2°C

min temp: -2°C

Search

Building Society boss says speculation about base rate rises should not put borrowers off

PUBLISHED: 15:32 14 February 2018

Richard Norrington, Ipswich Building Society chief executive. Picture: IPSWICH BUILDING SOCIETY

Richard Norrington, Ipswich Building Society chief executive. Picture: IPSWICH BUILDING SOCIETY

Archant

A building society boss says speculation about future base rate changes creates frustration for those seeking a mortgage.

Ipswich Building Society chief executive Richard Norrington said the Bank of England’s Monetary Policy Committee’s statement that interest rates are likely to rise sooner than previously thought causes borrowers to look at fixed rate deals, but budgeting for a potential rise could be a better option.

“Speculation on future base rate changes unsettles the market, and can be a frustrating time for those seeking to purchase or remortgage who may wish they had a crystal ball,” he said. “Whilst borrowers may see a fixed rate deal as the most suitable answer, they should not automatically write off a discount option.

“Across the market discount deals are largely cheaper than their fixed rate counterparts, but without the certainty. However borrowers could be savvy in factoring in a potential rate rise.”

Search hundreds of local jobs at Jobs24

East Anglian firms could capitalise on the deployment of a novel technology set to be used with two of the world’s largest proposed offshore wind farms.

A family is working hard in preparation for the opening a farm shop in mid-Suffolk next month.

An insurance broker has announced it will be supporting the East Anglian Air Ambulance (EAAA) for the next three years.

Home furnishings made by a Suffolk design and textile firm are heading to Hong Kong this March as part of a select band of products showcasing the best of UK industrial and creative excellence to Asian companies.

A cricket bat making business has launched a range using wood exclusively from Suffolk.

Management Jobs

Show Job Lists

Most read

Topic pages

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24