Extra 100 in your pocket every month for homeowners | Personal Finance | Finance [Video]

Jeremy Hunt talks about mortgage and interest rates

Recent cuts in mortgage rates by the big banks are equivalent to saving buyers as much as £100 a month, according to an industry leader.

Barclays, HSBC and NatWest have all made significant cuts in the rates applied to new home loans in recent days and others are expected to follow suit.

The news has been welcomed by mortgage brokers and property market experts who say there is huge pent up demand among buyers, particularly those keen to get the keys to their first home.

Charlotte Harrison, who is chief executive of the home financing business at the Skipton Building Society, welcomed the cuts and hinted her organisation may follow suit.

“We are always wanting to maintain our competitive space in the market,” she told the BBC Radio 4 Today programme.

The news has been welcomed by mortgage brokers and property market experts (Image: Getty)

“This is good news for borrowers, We have …