High street lenders such as Halifax, Santander and Natwest have cut interest rates for their mortgage products in light of the Bank Of England dropping their base rate to 5%. Additionally Coventry Building Society have reduced rates for their tracker mortgages, with Santander also said to be dropping interest rates on tracker mortgages from 3rd September.
According to Nicholas Mendes of brokerage firm John Charcol: “For borrowers approaching the end of their fixed-rate terms, this decision brings much-needed relief following months of fluctuating mortgage rates and reductions not aligning with early market expectations.
Experts are now predicting that interest rates could fall to as low as 3.5% by early next year.
This is welcome news for first time buyers or home owners who are considering moving or who are coming to the end of a fixed rate deal.
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