After going through several months of continued interest rate rises, council house mortgage holders may soon find that their payments are a little easier to make. It is expected that rates for council house mortgages will soon be going back down, which can’t happen soon enough for many homeowners. Although those with council house mortgages typically get some assistance, in many cases, it has not been enough to make ends meet. While it may take a few months to see the lower rates, they are expected to continue to go down.
‘Fixed-rates spiked in June so the repricing we are seeing now are easing rates down to the level prior that spike,’ said David Hollingworth, director of communications for mortgage brokers London & Country. ‘Nationwide only repriced a week or so ago, we are starting to see lenders getting back on track managing how much business they do.’
“Lots of people are coming off cheaper fixed mortgage deals. People are also feeling the squeeze because of increased fuel, utility and food prices. Clients have been pushing out their mortgage term to give themselves some extra breathing space, however in the long term this will cost them more.”
Related reading: Council House Mortgages
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