Brexit vote brings rate-cut bonanza for borrowers
HIGH street lenders have made a mockery of Brexit Project Fear by offering some of the lowest mortgage deals in history.
Despite Brexit doom-mongers predictions the cost of borrowing has gone down since the historic vote
Today Britain’s biggest lender, Halifax, will cut most of its two and five-year fixed rates by as much as 0.3 per cent. And a comprehensive review of the UK mortgage market showed a “significant boost” had resulted in bargain basement rates.
Two, five and 10-year fixed price repayments have fallen over the past six months and since the Brexit vote, says Moneyfacts.co.uk.
The average two-year rate has tumbled by 0.24 per cent since January and those after a five-year fixed rate could save £240 a year compared to then.
Financial expert Charlotte Nelson said: “George Osborne warned borrowers their mortgage repayments would increase after a Brexit vote.
Lenders are cutting borrowing rates by as much as 0.3 per cent
Mortgage rates did not rise following the Brexit vote
"Yet the reverse has happened with fixed rates already at rock-bottom falling further. Speculation the Bank of England base rate will fall even lower will only boost borrowers further.”
George Osborne warned borrowers their mortgage repayments would increase after a Brexit vote
Mortgage expert Ray Boulger of John Charcol said: “Project Fear never materialised in terms of mortgage rates. And although activity in the housing market has been less there has been no sharp fall in prices.”
Meanwhile, in another Brexit boost, 56 per cent of 2,000 personal investors polled online by The Share Centre brokering service said they were happy with the referendum result.
Ukip leadership candidate Steven Woolfe said: “We were told Brexit would be economic self-harm. That was scaremongering. I voted for it because of the economic opportunities it would bring.”