Andy Platt, chief operating officer for mortgage advisors Alexander Hall, said: “The base rate change – if it does go down this week – could have a massive impact on the choice of products, because some [lenders] will follow it down and some won’t.”
He suggested that the consequence would be more choice in the mortgage market, emphasising the importance to consumers of getting good advice.
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The Bank of England’s monetary policy committee will announce its decision tomorrow after keeping rates on hold at 5.75 per cent for the last three months.
In August and September the decision to hold rates was unanimous, while in October it was eight to one in favour of the status quo.
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