Fitch recommends interest rates cut on variable mortgages

Banks and borrowers could benefit from a cut in interest rates on standard variable mortgages.

That is according to global credit ratings agency Fitch.

Fitch has said that if banks cut the cost of the mortgages, the debt becomes more affordable for the borrower and the lenders are in with a better chance of getting their money back.

Banks have been under pressure to cut rates for people on variable mortgages.