Mortgage borrowers warned interest rate future uncertain

Mark Carney continued his track record of confusing advice on the future of interest rates by telling mortgage borrowers that the base rate could go either up or down.

The Governor of the Bank of England warned that interest rates would have to respond to "changes in the economic outlook" in order to maintain the inflation target of 2 per cent. He expects that the next few months will see an end to the recent surprising levels of growth, consumer demand and activity on the property market, and anticipates that growth will be "below averages for the next few years."

Elsewhere, research by Halifax suggests that first time buyers in Northern Ireland have the benefit of purchasing in the least expensive region in the UK, with deposits averaging at £16,695.

If you are remortgaging a property in Northern Ireland, or buying or selling a house, contact one of the property conveyancing solicitors at Wilson Nesbitt in Belfast or Bangor by clicking here.