Property Ladder: Mortgage reprieve
Essential news for the first time buyer
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.