Mortgages are cheaper than two years ago, claims study

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Mortgages are cheaper than two years ago, claims study

Taking out a mortgage now represents a significant saving for property buyers compared to when interest rates were first lowered to 0.5 per cent in March 2009.

According to data from independent financial researcher Defaqto, while many people may still struggle to borrow for a house, there is a varied choice of mortgages offering better rates for those with undemanding LTV requirements.

However, Defaqto's insight analyst for banking David Black warned that it was "important to remember that the base rate can only go one way … once [it] starts to increase it will inevitably force mortgage rates upwards".

Nevertheless, Mr Black argued that current terms for home loans are "significantly more favourable" than in 2009-10, suggesting people should act quickly to secure a mortgage now before rates begin to climb.

From today (September 9th), Nationwide, one of the country's largest lenders, announced a rate reduction of 0.8 per cent would come into effect for those wishing to borrow on their existing mortgages.

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