Interest rates are on track to fall at their fastest rate since the financial crisis of 2008, economists have forecast, offering mortgage holders relief from years of high borrowing costs.
The Bank of England is expected to cut interest rates from 4.5 per cent to 4.25 per cent next week in the first of what is likely to be a series of back-to-back rate cuts, which could result in them falling by as much as one percentage point over the next six months.
The rate cuts are set to bring the cost of borrowing down to below three per cent for the first time since October 2022.
Homeowners would benefit from cuts with lower monthly mortgage repayments
ANTHONY DEVLIN/PA
The fall will be the sharpest six-month drop since the financial crisis, when rates fell from 4.50 in
