Although many have stated that the death of the cheap loan has already occurred, it looks as though rates may be coming back down. Consumers seeking cheap loans may soon have cause to celebrate as banks begin to finally lower their rates. It may take until next year for these new cheap loans to reach consumers, but for many, it will definitely be worth the wait. Consumers needing cheap loans may be best served by waiting for these rate drops to occur.
Ray Boulger of John Charcol commented, “With bank rates likely to be falling again by early next year and additional mortgage funding coming into the market from private equity investment, there are good grounds, contrary to the view of many economists, for thinking that house prices will bottom out in the first half of next year.
“There is still no rush to buy but once prices stabilise, let alone start to creep upwards again, buyers will no longer be in such a strong negotiating position and so there is a good argument for those who want to buy and are able to get finance to start actively checking out the market with a view to buying if they spot a bargain.”
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