During the Monetary Policy Committee's (MPC's) ten year reign over interest rates, November has emerged as the month where the largest proportion of rate changes have taken place.
While this is likely to be a result of the fast-approaching year end - February following close behind when it comes to rate changes goes a way to support this - it points to the fact that the much speculated November rate cut could well be on the horizon.
Ben Thompson, mortgages director at Legal & General, said: “Five base rate hikes on the trot, combined with the credit crunch and a slowdown in the mortgage market have put the squeeze on the average householder.
"November is normally the most likely month for a base rate change and the mortgage market would welcome a cut to 5.5 per cent. Expect borrowers to pile into discounts and trackers as the pendulum swings towards variable rates.”
“If rates have peaked at 5.75 per cent, borrowers will be breathing a sigh of relief. Most will be able to cope with their repayments, but those with adverse credit histories will find their options more limited.”
