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Baumatic electric oven not heating up properly?

A Baumatic BV5501V/A electric oven. It does not heat up all the way to the desired temperature. It heats a little but not all the way. I think the temperature knob is loose as it can be turned but the temperature displayed does not change however tapping the knob normally rectifies this.
Any help appreciated, thank you.
Nigel, February 2010
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