Boss of UKs biggest lender gives verdict on what will happen to mortgage rates [Video]

IT’S the question on the lips of all homeowners and aspiring buyers, and now the boss of Britain’s biggest lender has given his steer on the future movement of mortgage rates.

Chief executive of Lloyds Banking Group, Charlie Nunn gave an important warning for borrowers.

As well as Lloyds, the group also owns Halifax and Bank of Scotland.

Experts have been expecting the Bank of England to reduce interest rates this year but not before August.

Earlier this month the base rate was held at its 16-year high of 5.25%.

High street banks and lenders use the BoE base rate to influence their own interest rates on mortgages, loans and savings accounts.

Mr Nunn told Sky News a cut would be “beneficial”, but added that a return to ultra-low interest rates seen up to 2021 would not return.

His comments …