Interest rates on mortgage deals at lowest levels since 1988

According to Moneyfacts, the financial information provider, interest rates for new mortgage deals have fallen to their lowest level for 23 years. Moneyfacts said that as it became apparent the Bank of England are likely to delay before they raise interest rates banks were finding it cheaper to raise funds and could therefore offer mortgage deals with lower interest rates to their customers. Michelle Slade of Moneyfacts said, "Earlier this year the market expected a rise in bank base rate, that saw mortgage rates start to rise,” she went on to say "An imminent rise in bank base rate now appears unlikely, ...