This is according to Mortgageforce. Katie Tucker, technical manager at Mortgageforce, commented: "More generous deals are available; the ongoing stability of house prices reduces the risk of negative equity and repossessions that lenders are keen to avoid, so we should see more accommodating terms from them now.
"Be wary that, unlike ‘trackers', ‘discount' rates may increase even if the official Bank Rate (currently 0.5%) does not: because they are a discount from the lenders' own SVR rate, which is changeable entirely at their own whim.
"Although tracker and discount rates are looking very low currently, first time owners or anyone on a restricted budget should consider very carefully whether they could continue to afford their mortgage payments if that rate does increase by a few percent."
