Lenders have been cutting rates recently although experts suggest this does not signal the return to rock bottom rates
These are based on long-term predictions for where the Bank of England interest rate – the increase the Bank charges on its lending to commercial banks – will go in the future.Nick Mendes, from brokers John Charcol, said: “Halifax has made further rate reductions to their product range, targeting home movers and first-time buyers in response to market competition.
However, experts say the property market will see much better rates after interest rates come down, something that is expected later this year, with some hoping it will be as early as the Bank’s next Monetary Policy Committee meeting in August. “Whilst they may not quite be the ‘Summer Sizzlers’ of yesteryear, borrowers will nonetheless welcome rate reductions with open arms, especially those who believe that June may well mark the calm before the storm.
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