It should make mortgage payments more affordable because it should make the cost of credit cheaper.
But this will depend on how forthcoming the banks are in passing the rates on. Certain banks seem to be happy to tow the government line on these issues, others such as the HSBC seem happy to do what they want.
Almost unbelievable what the EPC have done in their last 2 meetings!
Wish they had the forsight to take preventative action alot earlier though!
Trackers are winners right now, though the terms have changed! My Business Partner agreed his at 0.45% above base only in May!
My only hope is that the pressure the Gov'n are putting on lending sources does 2 things
a) Make them reduced variable rates
b) sees it possible to get a mortgage soon of more that 75% LTV (loan to value), until that happens the market will stagnate as most people have trouble putting together a 25% deposit!
In the meantime, i'll just wait patiantly til my personal fixed deal runs out, & thankfully my next Buy2Let deal doesn't expire til the summer, and those mortgages are still up at 6%!