Page 2 - Simon Gammon News Today

Reaching the age of 50 mortgage-free is fast becoming a pipe dream for today’s new home buyers.

Britain’s six largest mortgage lenders are now all offering mortgage rates of less than 5pc after a fall in inflation.

Mortgage rates have been dropping over the last few months with major UK lenders now offering more mortgage products under 5%

First Direct is making mortgage rate cuts of up to 0.40 percentage points and Halifax is cutting rates by up to 0.46 percentage points

The lowest available rate for an 85 per cent LTV five-year mortgage rate dropped below 5 per cent for the first time since June.

Halifax, Barclays and Clydesdale Bank have all cut their mortgage rates this afternoon, as the interest paid on a home loan continues to fall.

Jump in borrowers unable to make payments with landlords particularly hit and ‘worse to come’

The value of outstanding home loans with arrears climbed by 13% to £16.9bn in the second quarter of this year, Bank of England figures show.

The value of mortgage arrears jumped by almost 30% as interest rates increase.

Experts pointed to the impact of concerns about the wider economy on the housing market for the fall.