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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

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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.”

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