The Bank of England's (BoE) decision to cut interest rates to their lowest point in the institution's history has been welcomed by a landlord services company.

Interest rates were slashed by 50 basis points to 1.5 per cent by the BoE's monetary policy committee on Thursday.

Managing director of buy-to-let property products and services at Smartlandlord.co.uk Keshay Thukaram said: "The interest rate cuts will immediately benefit those landlords who have tracker mortgages, as several banks and building societies have already confirmed that the benefits of rate cuts will be passed on."

However, he warned that landlords would need support as the value of house prices declined.

Smartlandlord.co.uk is working with landlords to solve non-payment of rent, mortgage arrears and repossessions, but needed to be be "more hands-on and seek ways and means to be cost efficient"to perform in the new year.

Property Portfolio managers the Young Group said the low interest rate would increase confidence for people planning ahead, as there was not much further it could fall.ADNFCR-2002-ID-18966252-ADNFCR

Related posts:

  1. Interest rate cut to all-time low
  2. Rate cuts boost buy-to-let sector
  3. Landlords ‘should benefit from rate reductions’
  4. Interest rates ‘should be cut’
  5. Interest rates ‘could fall to 1%’

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