Interest rate cut 'surprise' for property market but will it affect your mortgage payment?

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Interest rate cut 'surprise' for property market but will it affect your mortgage payment? 1

“However, the question is now around if and how lenders reprice fixed rate mortgages.

“If this is only a temporary term interest rate cut, then it’s quite possible that most lenders will retain their current pricing, although it may well be the case that a couple introduce ‘headline rates’ in response, albeit that the criteria attached may mean only a few borrowers would find them relevant.”

Although little is likely to change for fixed rate mortgages straight away, they could be affected if the situation continues.

The expert also suggested other lenders could start follow suit and also lower their rates if coronavirus continues to have an impact.


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