Evening Standard - First-time buyers in London handed £200-a-month boost thanks to falling mortgage rates
The Evening Standard reports first-time buyers in London have been handed a £200-a-month boost by huge falls in mortgage rates that have dragged the cost of home loans back down below four per cent.
It says, "The mortgage price war over recent weeks has seen lenders scrapping to win business from buyers by slashing the cost of fixed-rate deals to their lowest levels for six months."
Aaron Strutt, product and communications director at brokers Trinity Financial, said lenders were responding to a sharp fall in the level of activity in the housing market last year that has hit their profits. This was largely caused by the spike in interest rates after Kwasi Kwarteng’s mini-Budget of September 2022, but also by the withdrawal of the Government’s Help to Buy scheme.
He added: “Lenders had to act because things were so bad the lending figures were dramatically down.”
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