Bank of England CUTS Interest Rate Rise by 0.25%. At last positive news for home buyers, sellers and anyone needing to switch their existing mortgage deal.
For the first time since 2020 The Bank Of England has today reduced the base rate by 0.25% from 5.25% to 5%.
What does this mean for you? ** Lower mortgage rates ** Anyone currently on a tracker rate or Standard Variable will be immediately, directly and positively affected by the 0.25% rate reduction. Your lender will write to you directly to advise you of this. Anyone currently on a fixed rate that has already started will not be affected by this. However anyone who is looking to purchase or refinance in the near future will benefit from this rate reduction if lenders decide to follow in suit. Thus reducing your monthly mortgage payment.
Anyone who has a mortgage offer and has not yet completed – I will be keeping en eye on the fixed rates and will advise as soon as lower rate becomes available to you!
Any questions please contact me on 07903 536007 or beth@bemortgages.co.uk