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CORONAVIRUS UPDATE

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TODAY'S OTHER NEWS

TMA ensures advisers with Base Rate Hub launch

The Mortgage Alliance (TMA) has announced the launch of its Base Rate Hub for its advisers following the recent base rate change.

The Hub will provide the latest updates on the club’s lender panel and useful news in light of the Bank of England (BoE) increasing the base rate for the first time since July 2007 from 0.25% to 0.50%.

Since the change, the lender has noticed a growing uncertainty around how this will affect its customers.

Lisa Martin, group development director at TMA noted the most affected customers will be households with a variable rate mortgage. Some 3.7 million of the 8.1 million households with a mortgage are on either a standard variable rate (SVR) or a tracker.

She said: “We want to help advisers contact clients who may want to review their current mortgage, to ensure all customers receive the world-class advice they may need in light of these changes.”

The Hub can be accessed on TMA’s homepage to view useful documents such as Barclays BTL SVR and Residential SVR comparison tables.

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