21 Feb

Fool responds to committee comments

Fool responds to committee comments

After the monetary policy committee's Kate Barker claimed that homeowners will be hit when changing mortgage deals, Fool.co.uk has said that people can act quickly to avoid this.

Head of personal finance at the organisation David Kuo noted that both increasing repayment of mortgages and dipping house prices may mean that those who have recently purchased homes are in for tough times.

But in response to Ms Barker's statements, he urged homeowners to reconsider their finances so that they do not feel the impact when they move to other rates.

"Most lenders will look more favourably on borrowers whose mortgages are small compared to the value of the property. But it is important to determine your lender's policy and the best way to find out is to ask," he commented.

This week, Ms Barker had said that consumers may be hit when they have to enter standard-variable rate deals.

However, the official stated that it may be too soon for the Bank of England to lower interest rates again in March.ADNFCR-1222-ID-18478204-ADNFCR

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