Andrew Bailey tells MPs that the damage to mortgage rates inflicted by the market reaction to the mini-budget has been eradicated but signals there is trust still to be won back among investors.
The governor of the Bank of England has told MPs there is still"something of a hangover effect" in the wake of the mini-budget market chaos last year but declared that the hit to mortgages was over.
Andrew Bailey used remarks to the Treasury committee to declare that market conditions had returned to normal after the economic competence of the-then Liz Truss government was called into question - sparking chaos in the bond markets and forcing up borrowing costs., outlined by her short-lived chancellor Kwasi Kwarteng last September, had now been largely eradicated, according to Mr Bailey.
He said:"I hoped that we would see mortgage rates come down, and that has happened, we have seen new fixed-rate mortgage rates have come down since. "I'm talking there about the lower-risk end of the mortgage market, so loans with a sub-75% loan-to-value, and actually the higher-risk end as well.While the crisis may be over, data from financial information service moneyfacts.co.uk suggested that fixed rate mortgage costs were still above were they were ahead of the mini-budget.
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