The Bank of England has announced that interest rates are to be reduced again, this time going down to 4.75%1.
This is the second reduction in interest rates in recent times, following a long period of interest rate rises, where they peaked at 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, have a Bank of England tracker mortgage, or are on the Standard Variable Rate (SVR), then you may start to see changes to your monthly mortgage repayments, depending upon your lender and the deal that you have.
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.
It’s the ideal time to talk about your mortgage
The mortgage market is constantly evolving, and it’s a great time to start looking at your mortgage, whether you’re looking at moving home or have a remortgage coming up and want to know how much it could cost you.
Chances are, the rates may be considerably different to your last remortgage, however these recent changes may be starting to soften the blow and you may be pleasantly surprised by the options available.
It’s our mission to provide tailored mortgage advice for your exact situation, and can look across a wide range of deals not found on the High Street, so please book an appointment to see how we can help you.
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 5th November 2024]
- Bank of England (2024) Official Bank Rate History. Available at: https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp [Accessed 5th November 2024]
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