Mortgage brokers say lower rates on the way

Mortgage brokers are convinced that UK interest rates have peaked and many believe that there will soon be an interest rate cut, new research has found.

A poll by GE Money Home Lending found that 89 per cent of lenders believed rates had peaked and 43 per cent thought there would be a cut in the next three months, financenewsonline.co.uk reports.

Gary Bell, GE head of mortgage marketing, said: "Our latest research shows an element of growing confidence from brokers, with nine out of ten believing that interest rates have already peaked at their highest level."

Mr Bell also believed this would lead to a fall of a third in the number of fixed-rate and tracker mortgages being taken out.

He said this would be "welcome news" to homeowners coming to the end of a fixed-rate deal now, mortgageintroducer.com reports.

The next meeting of the Bank of England''s rate-setting monetary policy committee takes place on November 7th and 8th.

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