Buyers can access cheaper mortgages

Mortgage rates are set to tumble further in the coming months as government efforts to improve access to credit begin to impact, according to a Bank of England survey.

The availability of mortgages increased further in the first three months of this year, and the rise was slightly more marked for low-deposit borrowers with loans-to-value (LTVs) of 75 per cent or more, the Bank’s credit conditions survey found.

Lenders have reported that mortgage deals became significantly cheaper for borrowers in the first quarter of this year, as they passed through cheaper funding costs to borrowers and ramped up competition.

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