More than a dozen UK banks and building societies are set to reduce rates on fixed mortgage deals this week, reflecting market expectations that inflation is falling.
But brokers are not predicting dramatic price cuts, with the Bank of England forecast to raise interest rates later in the year after figures on Tuesday showed wages were growing at a record level.
“Consumers shouldn’t get into the habit of expecting a rate reduction every week,” Nicholas Mendes, manager at broker John Charcol, warned. “I expect we’ll see a period where price cuts slow down before we see more lenders do more.”
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