Interest-free mortgagesSome borrowers are close to enjoying interest-free home loansSome borrowers are now close to enjoying an interest-free mortgage, following the Bank of England’s bank rate reduction to 1.5 per cent on January 8, 2009. An estimated 4m borrowers have mortgages linked to the base rate, but tracker deals pegged below it have not been available for 16 months. It is estimated that about 100,000 tracker borrowers could have deals at half a point below the base rate or better. This means that in the event that the base rate falls again, they will be close to having interest-free home loans. |
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