Mortgage rates are unlikely to climb much higher in the near future as financiers alter their business plans to adapt to a healthier property market, an expert has said.
According to Ray Boulger, senior technical manager at John Charcol, the time when banks and building societies increased figures relating to their home loans on a regular basis is drawing to a close.
Earlier this week (May 1st), Which? published research showing that 70 per cent of mortgage holders are concerned about the possibility of their interest rate rising in the near future, while 14 per cent are already finding it tough to meet their repayments.
However, Mr Boulger indicated that the upward trend seen over the last few months as lenders get more business than they had "anticipated and could cope with" will grind to a halt sooner rather than later.
"We are now, I think, getting signs that we are beginning to come towards the end of that phase," he added.