Analysis by the Evening Standard shows that this would reduce the cost of a typical first-time buyer’s £350,000 mortgage in London from around £2,150 to £1,945 a month, saving £205, or nearly £2,500 per year. Existing homeowners on deals with lower “old” fixed interest rates, typically around 2 per cent, will also benefit because their new loan repayments will not rise as much as they previously feared when it comes time to remortgage.
First-time buyers in London have received an extra £200 a month thanks to falling mortgage rates
![First Time Buyers In London Have Received An Extra £200 A](https://ppplusnews.com/wp-content/uploads/2024/01/First-time-buyers-in-London-have-received-an-extra-200-a-860x573.jpg)
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