Investment Property News - Bueno Investments Limited

New borrowers are unlikely to see much benefit from the recent interest rate cut, commentators have warned.

The cost of mortgage deals for new customers is expected to continue rising despite the Bank of England's Monetary Policy Committee reducing the base rate for the third time since December.

The mortgage market is currently changing on a daily basis as lenders reprice their loans and pull deals that are attracting too much business, and the rate cut is unlikely to change the problems they face.

Louise Cuming, head of mortgages at Moneysupermarket.com, said she did not think the reduction would filter through to new mortgage rates.

"For new borrowers we haven't seen any of the last two cuts translate into the rates for new products," she said.

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