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CML says mortgage rate has bottomed out

The Council of Mortgage Lenders is predicting that the mortgage rates will not be cut for several months.


The CML says that very few lenders will be able to pass on the benefits of the cut to their borrowers because they have already squeezed margins to breaking point.


Mortgage rates are at their lowest rates for nearly 30 years and the CML says this has been detrimental to retail savers.


Director general Michael Coogan says: &#34On this occasion borrowers may not see such a direct impact on their mortgage rates as many lenders will be seeking to minimise the effect of falling interest rates on retail savers.&#34

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