10
May
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.
