Interest rates are set to decrease at their fastest rate since the 2008 financial crisis, economists have predicted.
The anticipated figures would offer mortgage holders relief from years of sky-high borrowing costs.
Interest rates are expected to be cut from 4.5 per cent to 4.25 per cent by the Bank of England next week, The Times first reported, in the first of what could be a string of upcoming cuts.
The decreases could result in rates falling by as much as one per cent over the next half a year.
During the financial crisis, rates fell from 4.5 per cent in October 2008 to 0.5 per cent in March 2009.
Barclays has reportedly said it anticipated rates to fall to 3.5 per cent by September.
The bank, as well as HSBC and NatWest, have all cut mortgage rates this week by up to 0.25 percentage points.
Interest rates are set to decrease at their fastest rate since the 2008 financial crisis, economists have predicted (Stock photo)
