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Mortgage rates on tracker deals, which move in line with the Bank of England base rate, plummeted to a record low in January, providing a much-needed boost for borrowers and the housing market.
Rightmove, Britain's biggest property search website, restored some confidence to the housing market today by saying it had seen a surge in the amount each estate agent was spending on home adverts in January.
Mortgage borrowers with building societies are getting a raw deal after two more mutuals raised their standard variable rates (SVR) last week, despite Bank rate remaining at 0.5% for 11 consecutive months.
Britain’s mortgage lenders are squeezing customers with inflated margins despite £200 billion being pumped into the economy to lower rates — and the worst offenders are the state-owned banks.