UK mortgage rates 'currently as low as they will get'

Date:Wednesday 13th May 2009
Author: Susanna Kavka

Mortgage rates in Britain are currently as low as they are likely to get, an industry practitioner has said.

Commercial director of mortgages at Lloyds Stephen Noakes said that, although property prices may have some way to fall, mortgage rates are likely to rise, the Daily Mail reports.

The expert also suggested that the number of consumers seeking home loans appears to be rising.

He stated: "We are seeing some encouraging signs, particularly if you look at the Royal Institution of Chartered Surveyors figures. These show that the number of people looking and enquiring about property purchase is the highest since March 2003."

Mr Noakes added that Lloyds considers stimulating the mortgage market by encouraging house buying as an "important focus".

Meanwhile, Michael O'Flynn, content editor at, suggested earlier this month that a greater level of mortgage lending is required if the property market in Britain is to improve.