Home repayments to go down with rate cut
12/04/2010A slew of mortgage lenders have cut their interest rates in a move that should help many householders with financial problems.
The Post Office, Woolwich and now Nationwide have decreased their rates in the wake of the Bank of England maintaining the record low 0.5 per cent interest rate.
Research from moneysupermarket.com shows that the average two-year fixed mortgage rate is now 3.44 per cent, down from 3.51 per cent in March.
Their figures also show that the chances of falling into mortgage arrears with a tracker have decreased too, as the average two-year deal is down from 2.71 per cent to 2.54 per cent.
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