Cheaper mortgages show lies behind Project Fear

ACCORDING to Project Fear the housing market was going to become another victim of Brexit. Former chancellor George Osborne scaremongered that mortgage repayments would increase, yet the opposite is true.

A review of the mortgage market over the past six months, including the period after the referendum, shows that there has seldom been a better time to put your faith in bricks and mortar with mortgage rates lower than they have ever been.

Britain’s biggest lender Halifax is to cut most of its two and five-year fixed rates by as much as 0.3 per cent. And if the Bank of England base rate goes even lower, as has been predicted, then mortgage rates will follow suit.

Certainly these are not settled times for the economy as the shockwaves of the referendum vote continue to reverberate. But with every day that passes it is becoming clear that there is more good news than bad however much that disappoints the bad-loser Remainers who would take far more pleasure in seeing the United Kingdom going down the pan than in seeing it prosper.