Although a few banks have started to offer low interest loans, it appears as though most are sticking with their higher rates. Consumers are finding it increasingly difficult to get a low interest loan, and with inflation, it is becoming harder than ever to stay afloat. For those seeking a low interest loan, it may be a few years before they are available again.
Propertyfinder.com director Nicholas Leeming says: “Today’s inflation figures tell us how prices have behaved up to this point but most forces in the economy are now working to slow growth rapidly. The housing market has stalled as so few can get access to mortgages and the effects of this are now hitting the high street. This is already reflected in people’s attitudes - according to our research 71 per cent of people questioned in July think that economic growth is slowing dramatically.
“Inflation expectations should follow and come under control. It is essential for the health of the economy that the Bank continues to use a light touch to tackle inflation and does not increase base rates, otherwise it risks sacrificing the economy at the altar of short term inflation.”
Related reading: Low Interest Loan
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