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.
Virgin Money and Hive Energy introduce new "green" mortgage product called Retrofit Boost Mortgage with the aim to help homeowners improve the energy efficiency of their home by offering cashback between £3,000 and £15,000
According to recent findings by LV= where 4,000 UK adults were surveyed, mortgage holders said that were likely to consider equity release to free up some money to take care of expenditures in later life.
9 Aug 2024
Following the recent decision by the Bank of England’s Monetary Policy Committee to cut the base rate from 5.25% to 5% (the first reduction seen in over four years), we have seen lots of lenders reducing their rates to remain competitive.
7 Aug 2024
6 Aug 2024
Did you know that removing clutter within your home can reduce stress, help you be more productive, and improve your mood and self-esteem? Check out our steps to get you started.
22 Jul 2024
The Equity Release Council has revealed that three in five UK homeowners are interested in releasing money from their property later in life.
15 Jul 2024
The average seller’s asking price dropped by 0.4% in July, a bigger drop than we have typically seen.
We explore the differences between Millennials and Gen Z and what both generations ideally want from a new home.