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Mortgage loan holders to get cheaper deals

18 November 2004

Charcol, the mortgage broker, has claimed that mortgages are to get cheaper over the coming months.

Ray Boulger, a mortgage guru at Charcol, said that fixed rate loans had fallen by half a per cent and that the interest rate also looked like it had peaked at its current level.

Mr Boulger went on to say: "Someone with a £150,000 repayment loan will have seen their payments rise by approximately £120 a month [over the last 12 months] … those with an interest-only loan the rise will have been even more, approximately £160.

"Yet, it appears this trend is about to be reversed."

The current climate looks good for people with a tracker or a discount mortgage.

People with bad credit or debt problems will welcome the news, as savings should, if Charcol is correct, start to be felt in mortgage borrowers' pockets.