Low mortgage rates for a long time to come

Further indication this morning's Financial Stability Report, from the Bank of England, that it will continue to keep interest rates low. Hurrah!

The report predicts that nearly one in ten mortgage borrowers would have to take significant action - if rates were to rise by just one percentage point.

These follow last nights comments from the outgoing chief, Mervyn King, who highlighted the massive mortgage debts taken out by many homeowners in their 30s and 40s. Mortgages that would just be too unaffordable if there was any real hike in rates.

Expect low rates for a good few years to come.

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