, by when average possible rates of 4.5 – 4.7 per cent on a five-year fixed mortgage may appear.
“The key reason for that is if you think about lenders who have got a number of mortgage applications on their books already that have already been submitted, what they’re conscious of is if you drop the rates too quickly you will have a number of applicants that will turn around and go, ‘I want that lower rate now’.“So in answer to the question, when we do expect to see fixed rates going down, I would say probably the end of the year.
But any reduction was “all caveated to inflation falling,” he said, adding: “If inflation doesn’t fall, or if it does go up slightly, then the Bank of England have to look at further rate rises to help combat inflation.Switching to a tracker mortgage rather than being tied into a fixed rate for two or five years may allow homeowners to take advantage of any fall in mortgage rates, but carried the risk of monthly repayments rising if the Bank of England’s base rate increased, he added.
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