During recent events, the Bank of England twice dropped the Bank of England’s ‘base lending rate’. Generally referred to as ‘the base rate’, when it falls it is usually (but not always) an indication that lending rates generally will also fall.
For those borrowers with tracker mortgages linked to the Base Rate, they will see their mortgage payments fall.
Indeed, the average borrower with a £100,000 mortgage might see a saving of £30 per month. Those with fixed rates will not benefit, but if you have a variable rates linked to the lender’s own rate of borrowing, you will have to wait to see whether banks and building societies follow suit and drop their rates to mirror the Bank of England.
As in 2008, the Bank of England has also turned on the proverbial money-printing presses in an effort to stoke a seriously hamstrung economy. It has to be hoped that this will help to keep businesses solvent and trading in the short term and fund the huge public handouts currently being announced.
If you would like to review your current mortgage, now is the perfect time to start the process.
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