Mortgage rates unlikely to return to low levels, says Lloyds boss

Published On Oct 13, 2024, 6:31 AM

Charlie Nunn, CEO of Lloyds Bank, has stated that mortgage rates in the UK are expected to decrease but will not return to the historically low levels of the past decade. Recent increases in borrowing costs have been challenging for homeowners, yet mortgage arrears are declining. While first-time buyers face difficulties, the overall financial situation is improving, with more savings and high business confidence reported. The current base interest rate remains at 5%.