Mortgage rates at their lowest since records began

By Michelle Rock

A large number of the mortgage products on offer in May contained the lowest interest rates since the Bank of England began keeping records in 1995.

The Bank of England analyses quoted mortgage rates on a monthly basis, and found that in May mortgage products were cheaper than they have ever been. However, there has not been any noteable increase in demand from borrowers, which may in part be explained by the fact that the cheapest deals are available to those able to put up a deposit of over 25 per cent of their property value.

Borrowers requiring a mortgage product with a higher loan-to-value ratio are still benefitting from cheaper deals, though they are not getting record low interest rates.

The Monetary Policy Committee of the Bank of England again voted to maintain the interest rate freeze at 0.5 per cent this month, and it is widely expected that they will remain unchanged for the rest of the year. Existing borrowers and first time purchasers will therefore be able to take advantage of low interest rates for several months to come.

If you buying, selling or remortgaging a house in Northern Ireland, and require a property conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.

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