Good news, the Bank of England has announced that interest rates are to be reduced to 5.00%1.
This reduction is recognition by the Bank of England of the efforts made to stem the rise in inflation to stabilise the UK economy, and follows on from a long period of interest rate rises seen over the last few years, culminating in interest rates rising to a 16-year high of 5.25%2.
What could the rate reduction announcement mean for my mortgage?
- If you have a fixed-rate mortgage then there won’t be any immediate changes, however reductions in the Bank of England base rate may mean that lenders start to offer more attractive deals in the coming months ahead. If you have a fixed-rate mortgage period coming to an end soon, then it’s the ideal time to get in touch to discuss your options accordingly.
- If you have a variable-rate mortgage or are on the Standard Variable Rate (SVR), then you will see a change to your monthly repayments straight away.
Let us see how we can help
We are here to provide you with the advice and guidance you need, and help with any queries you may have. There’s an overwhelming amount of information online, and some of it can be conflicting or confusing, so this is where we are here to help you.
We would recommend that you contact us to let us look at your individual circumstances and provide bespoke information to allow you to make educated decisions.
With the economic changes seen in recent times, chances are that it’s a very different world now when it comes to your remortgage, compared to when your last deal was arranged.
If you’ve been thinking of moving home, or if you have a remortgage coming up and you’ve been dreading what the potential costs could be, let us see how we can help. We have the ability to search across the market and can access deals that aren’t found on the High Street, giving us ample opportunity to find the most suitable deals based on your unique circumstances & financial situation.
You might be surprised at what we can find – so book an appointment with us to see how we can help.
Please note, your home may be repossessed if you do not keep up repayments on your mortgage.
Sources:
- Bank of England (2024) Current Bank Rate. Available at: https://www.bankofengland.co.uk/ [Accessed 1st August 2024]
- Bank of England (2024) Official Bank Rate History. Available at: https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp [Accessed 25 Jul 2024]
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