Mortgage rates 'need to fall'
While a number of mortgage lenders have made moves to lower their rates in recent weeks, more still needed to be done, one group has claimed.
According to Moneyfacts, mortgage rates are still a "long way" off the low which was reached earlier in the year.
Indeed, it asserted that borrowers who have a 40 per cent deposit and wish to secure a £150,000 mortgage now have to fork out an additional £45 a month to what they would have paid should they have secured the finance six months ago.
Such news may convince Britons that property to rent in Hammersmith or another part of London is still a more affordable option than buying a new home.
Michelle Slade, spokesperson for Moneyfacts, said: "While lenders have made positive steps in reducing rates, more is still needed to counteract the large increases they made in previous months."
A further cost new buyers could be set to face is the end of the stamp duty holiday in December.
Written by Chris Price
Published 12th November, 2009
© 2009 Estates IT Limited
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