With UK inflation remaining at 2.2% which is slightly above the Bank of England’s 2% target, the decision was made on Thursday 19th September to keep the base rate at 5%.
Last month saw a rate cut of 0.25% which was the first movement since August 2023. Despite the figure remaining the same this month, experts believe there will be another interest rate cut before the end of the year.
According to research from the Building Societies Association, an unsurprising 59% of mortgage borrowers were expecting a rate cut this time round from the Bank of England, with only 21% of UK adults agreeing with the decision to keep it at 5%.
We are still seeing many lenders continue to lower their mortgage rates even though the decision was made to freeze the base rate.
With the next Monetary Policy Report on 7th November, we are hoping for a further reduction.
The government has announced plans to make buying or selling a home cheaper and quicker with what is being called the “biggest shake-up to the homebuying system in this country’s history.”
7 days ago
Almost one in five equity release mortgages are now taken out to provide financial support to family.
9 days ago
According to industry data, the expected wait for those looking to buy a property has dropped from just over 11 months to less than six months.
It is common for your first mortgage payment to be higher than your subsequent monthly payments for two reasons.
14 days ago
Firstly, a big congratulations, you’ve now exchanged contracts! After weeks and months of waiting, you are about to move in. What should you do first?
The chancellor will deliver her second budget this autumn. Due to slow economic growth and high inflation, the government need to manage a £40 billion shortfall in public finances. There have already been reports about changes to taxes including income tax and capital gains tax.
29 Aug 2025
The chancellor has advised that landlords could have another tax to pay this autumn as the Treasury decide whether to extend national insurance contributions to rental income.
According to a report in the Guardian, senior ministers have asked Treasury officials to look into a “proportional” property tax to see how it would work as an alternative to the existing stamp duty land tax on owner-occupied homes.