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.
Choosing which fixed rate to go for has been a dilemma for many of our clients so far this year. There really isn’t a right or wrong answer, but below we will look into the pros and cons of a two-year and five-year to help you make the right decision for you.
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Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
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