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Cheaper fixed rate mortgages predicted

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Cheaper fixed rate mortgages could be on the cards for those trying to find a mortgage, says one mortgage adviser.

Ray Boulger of John Charcol says January will see mortgage lenders lower fixed mortgage rates.

Despite increasing expectations of a base rate cut, the anticipated drop to 4.25 per cent is not yet fully factored into swap rates, let alone the likelihood of at least one more cut later in the year, he says.

Mr Boulger adds that mortgage rates are likely to be reduced even further later in the year.

He advises those trying to find a mortgage with a short-term fixed mortgage rate to hold out for another couple of weeks until lower swap rates of the last few weeks are reflected in fixed mortgage rate pricing.

The Bank of England is likely to cut interest rates twice this year, by 0.25 per cent each time, Mr Boulger predicts.

The housing market is a critical driver for the economy and, whilst a lower base rate is likely to be needed to improve consumer confidence, base rate at or a little below four per cent should not cause overheating of the housing market, he concludes.

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