11
Mar
Mortgage rates 'are decreasing'
In news which may be welcomed by people seeking UK homes, including
high-end property in Essex, mortgages rates are said to
be falling.
According to Andy Pratt, chief operating officer at Alexander Hall,
the competition in the market for such loans is the cause of the
trend.
He said: "Rates are low and the confidence is back within the
lending community. The competition has actually driven the rates
slightly lower."
With it being unlikely that there will be an influx of new home
loan providers, it will be mainly existing banks and building
societies that provide consumers with property finances, he
added.
Mr Pratt's comments follow the release of Bank of England Figures,
which revealed that the average cost of a two-year fixed-rate
mortgage is at its lowest level since the summer of 2003.
The typical deal had a rate of 3.88 per cent last month, which was
a fall from 4.35 per cent during the same time last year, the
organisation noted.
