Mortgage rates are continuing to drop, as the markets bet on a cut in interest rates next week. A 10-year fixed rate launched by Coventry Building Society is thought to be the cheapest such deal on record at 2.39 per cent.
The BBC reports that Barclays, HSBC, Metro Bank, the Leeds and the West Bromwich Building Society are among other lenders who have cut rates since the EU referendum. The new HSBC 10-year fixed rate loan has a rate of 2.79 per cent. Economists think there is a 78 per cent chance of a cut in base rates next Thursday. Consumer confidenceConsumer confidence has seen its sharpest drop in 21 years after the UK vote to leave the EU, a survey suggests. The market research firm GfK conducted an online survey of 2,000 people after the result was known.
Its confidence index fell by eight points to minus nine, a drop not since seen December 1994. Less confident consumers tend to curb their spending, which accounts for about two-thirds of the UK economy.
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