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GE Money Lending decides to hold fixed-rate mortgages

Thu, 01 Feb 2007

GE Money Home Lending has put mortgage holders across the UK on alert after announcing that it will not raise its fixed-rate mortgage deals.

The mortgage broker, which also offers personal loans, credit cards and payment protection insurance cover, will hold lending rates on all of its fixed-rate mortgages, bucking the general mortgage industry trend.

On January 11th 2007, the Bank of England raised interest rates for the third time in six months, in a move that prompted many mortgage lenders to withdraw their old fixed-rate mortgage deals and launch new products with higher lending rates.

And Gerry Bell, head of mortgage marketing at GE Money Home Lending, acknowledged that the possibility of further rate rises in the coming months is "a common concern for many intermediaries and consumers".

"In response to this and the surprise hike in base rates on January 11th, we have held all fixed-rate deals across our igroup and First National product ranges," he added.

In addition to its standard fixed-rate mortgage products, the financial services provider offers tracker mortgages, which follow fluctuations in the base rate.

Moreover, the company also supplies interest-only mortgages, in which the homeowner pays the interest on the mortgage but does not start paying back the mortgage itself.

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