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fresh mortgage price war has come to the rescue of hundreds of thousands of borrowers whose cheap pandemic home loans are about to expire.
More than 760,000 homeowners’ fixed-rate deals are due to come to an end this year. And many of those will be braced for crippling rises of up to £300 a month when they come off loans with interest rates as low as 1 per cent.
However, lenders are slashing rates this summer as they compete for business in a “buyer’s market”, with a record number of properties for sale. This slowdown in the housing market has caused banks to focus on deals for those who are remortgaging.
Figures released by the Bank of England this week showed that the 41,800 remortgages approved last month was the most since October 2022, just after Liz Truss’s disastrous mini-budget, which sent mortgage rates soaring.
