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Property Ladder: Mortgage reprieve

Industry experts have claimed the banks have reached a turning point by extending their lending rates, following the decision to hold interest rates.

Simon Gammon, head of Knight Frank Finance, said borrowers with variable-rate mortgages have been granted another reprieve from a rise in mortgage repayments after the Bank of England opted to keep interest rates at 0.5%.

Mr Gammon claimed, however, that even a glimmer of positive economic news could prompt a rate rise.

But with lenders extending their limits to £1m, it would not be the worst news for home-owners with new deals available again.

Belfast Telegraph