10 May

Mortgage rates 'have fallen'

Mortgage rates 'have fallen'

The average rate paid on outstanding mortgages in the UK has fallen, it has been shown.

Figures produced by the Council of Mortgage Lenders (CML) reveal that the typical rate on such products paid over the last ten years was 5.45 per cent.

However, in March this year, the figure stood at 3.66 per cent, the organisation noted.

People with repayment home loans worth £110,000 are currently shelling out around £566 per month to cover the cost of their property.

Meanwhile, those on interest only products are paying £325, it added.

The CML produced the statistics before the Bank of England's Monetary Policy Committee announced its decision regarding whether to change the base rate of interest.

Today (May 11th), the committee revealed that it was keeping it at 0.5 per cent.

This could be welcome news to property owners who are still paying off their mortgages as it means the low rates currently available are unlikely to disappear in the near future.

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