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Borrowers 'benefit from reduce homeowner loan rates'
Consumers in the UK that are seeking homeowner loans are benefitting from low mortgage rates, it has been suggested.
Figures from Moneyfacts have highlighted that rates on two-year fixed mortgages are now 0.24 per cent lower than in November last year.
However, the information provider has revealed that while borrowers are being boosted by current conditions in the finance market, savers are losing out as rates on their products have been cut as banks look to maintain balance sheets.
Michelle Slade, spokesperson at Moneyfacts, said: "Providers must strike the right balance between savers and borrowers in order to maintain their balance sheets.
"No provider will offer market leading deals to both at the same time."
Chris Jenkins, co-owner of the Homeowners Advice Centre, recently called on any consumers that have been forced to pay off mortgages with credit cards to seek financial help immediately.
He said that research suggesting a million people have admitted to doing it was "frankly terrifying".