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Lender pledges stable interest rates

The Swift Group has confirmed it will not up its secured loan rates following the decision earlier this month to increase the base rate from 4.5 per cent to 4.75 per cent.

The recent rise is the first in two years and some lenders have been quick to raise their loan rates.

Swift chief executive John Webster says; This is the first rate rise that many new borrowers will have experienced and will come as a shock to some. For the moment we have decided not to raise our rates in line with this base rate increase, which will be welcomed by our existing and new intermediaries. We will keep our position under review in the light of any further changes.

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