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Lenders see an increase in enquiries after base rate cut

The Bank of England’s base rate cut from 4.75 to 4.5 per cent has boosted new enquiries, say Mortgages plc and TFC Homeloans.

TFC head of products Simon Snape says there are early signs that the housing market is being stimulated by the cut.

He says: “We have experienced a noticeable upturn in new business enquiries from intermediaries since the reduction in the base rate.”

Mortgages plc says the non-conforming sector is fiercely competitive and the cut has come at the right time to boost the market.

Mortgages plc sales and marketing director Peter Beaumont says: “The performance of the housing market is largely dependent on consumer confidence and the recent rate cut seems to have sent out the right message.

“Borrowers are keen to take advantage of the lower interest rates and the many excellent deals which are now on offer. Intermediaries should take advantage of this new optimism in the market.”

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