How get a secured loan given today’s inflation rate?

Did you notice that the British economy is slowing? In this latest quarter, for example, the UK economy only expanded at a minuscule 0.4 percent. This is the slowest expansion (and this is hardly the term to use, so tiny is the step) we’ve had in the last three years, and this at a time when the Bank of England has slashed its rates twice this year — each time by a quarter of one percentage point.

This is not a good record.

Add to that inflation in April hitting 3 percent, up from 2.5 percent in March.

This was the context for a near-unanimous decision by the Bank’s Monetary Policy Committee meeting earlier this month to hold interest rates at 5 percent. The 8-1 vote in favor of holding was not entirely anticipated by the markets. And the decision is thought to have lessened the likelihood of rate cuts in the near future.

It seems the committee felt a 0.25 percentage point reduction would make it that much more difficult to get inflation back to the target of 2 percent, even though it seems the economy is slowing.

So where does this leave those of us who would like to use a secured loan to get some urgently needed cash? It has always been wise to talk with a neutral broker when you are putting up your home against a loan. No matter how urgent the need for money, take the time to talk about the economy and the different terms and conditions different lenders will apply to these loans. A good broker will save you both time and money in the end.