Borrowers ‘benefiting’ from housing market changes

Many of the UK’s millions of homeowners are benefiting from the changing state of the housing market around the country, it has been suggested.

With many thousands of families struggling to become debt free, Gary Brook from the Leeds Building Society has claimed that there are a number of new mortgage deals that could ease household financial pressures.

He insisted that the economic climate in the UK is not all “doom and gloom” and that savvy homeowners could secure themselves a good deal on a mortgage loan.

“New borrowers, and those remortgaging, are already benefiting from cheaper fixed rate mortgage products as swap rates, which are currently around 0.55 per cent lower than this time last year, have already factored in potential decreases in base rate,” said Mr Brook.

“This is also good news for the large numbers of borrowers coming to the end of their existing fixed-rate deal and will minimise any payment shock.”

According to the latest data from Credit Action, the average debt management burden of the typical British household currently stands at close to £56,000.