Boost for homebuyers as Libor continues downward trend

Nick Rhodes, Sales Director of Independent Mortgage Helpline, comments "The twelfth consecutive fall in the Libor rate will bring a welcome boost to homebuyers, as the freeze in interbank lending begins to thaw.

"The huge injection of cash by the Government's rescue plan is beginning to filter through the markets, giving banks the confidence to start lending to one another again. We can expect to see a positive knock on effect over the coming weeks as competition returns to the market, bringing more choice to consumers. Prepare to see lenders increasing the number of mortgage deals on the market and more favourable rates, which can only be good news for homebuyers."