Mortgage Soup - Broker optimism grows as sub-4% rates edge closer

A series of mortgage rate cuts from lenders this week has sparked optimism among brokers that the market is edging closer to sub-4% rates.

Several high street and specialist lenders have reduced residential and buy-to-let pricing in recent days, with Accord Mortgages, Precise and ModaMortgages among those announcing cuts this morning.

Aaron Strutt, product and communications director at Trinity Financial, believes there is a growing possibility of sub-4% mortgage rates returning this year.

He said: “It seems like there is a fair chance we will see sub-4% rates again this year assuming there are no more wars and the hand over to the new prime minister goes smoothly.

“The Bank of England’s MPC do not seem particularly keen to raise the base rate unless they really have to because they know the UK economy is nowhere near as strong as it needs to be and pushing up borrowing costs will just put the brakes on economic growth even more.

“Sub-4% mortgages would send a signal that rates are getting cheaper and the economy is hopefully more stable.”

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