Drop in mortgage rates ‘a step in the right direction’

This morning the news broke that average mortgage rates have fallen for the first time in months following yesterday’s inflation figures announcement.

Recognising that this is a step in the right direction, Ben Thompson, Deputy CEO at Mortgage Advice Bureau shares the below comment for struggling mortgage holders as the market appears to be looking up.

Ben Thompson, Deputy CEO at Mortgage Advice Bureau, says: “After yesterday’s faster-than-expected drop in inflation, the market has been quick to re-price. A drop in mortgage rates, albeit far from substantial, is a move in the right direction after months of increasing rates. The market rates are still significantly higher than this time last year, and those who are due to renew should still be looking early to lock in the best rates. For those already struggling, this week has seen some of the high-street lenders starting to introduce their Mortgage Charter offering switches to interest only, and extending the term of your deal, which could help your ability to meet higher costs. If in any doubt, speak to your mortgage provider or a broker, who will be able to advise on the best next steps.”