A number of lenders are cutting rates but experts say it may be too early to call it a turning point.
monthly changeThe information you provided on your monthly payments would not be sufficient to pay off your mortgage within the number of years given.
However, better-than-expected inflation data published a few weeks ago and, in turn, relatively stable swap rates - which underpin mortgage pricing - have given some confidence to lenders. It is not only mortgaged homeowners and first-time buyers who will be watching developments closely. So too will two million landlords in the UK who have buy-to-let mortgages, and millions of tenants who will see their rent rise if landlords' costs remain high for a long time.Homeowners have a little more control, and many will be wondering whether to delay signing up for a mortgage if there is a prospect of further falls.
Mr Strutt says the danger of delaying is the chance of defaulting to a lender's standard variable rate when the current deal expires, and many SVRs have interest rates of 9-10%.
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