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Light at the end of the tunnel?

The recent decision by the Bank of England to keep the base rate at 5.25% following 14 consecutive increases since 2021 has provided some relief to property owners with a mortgage.
What does this mean for borrowers?
The fall in inflation is extremely welcome, however, it is clear that interest rates are likely to stay higher for some time to come. Even so, a number of high street lenders have reduced their variable and fixed interest rates which is great news for borrowers. Apart from the financial relief for some borrowers, the pause in interest rises will provide some much-needed market stability. Banks and Building Societies are actively looking to lend despite the economic headwinds.
It is expected that competition between lenders will provide an opportunity for both purchasers and borrowers looking to remortgage to secure a lower interest rate than in the previous few months.
This raises the question should you review any mortgage that has recently been agreed?
We would strongly recommend that you contact your mortgage broker or seek independent mortgage advice from an adviser who does not charge a fee.
APR Money Ltd are our recommended independent mortgage brokers, they do not charge a fee, and will assist you to research the whole of market and discuss the range of options available.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. 

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Date Posted

November 1, 2023

Article Category


Lucy West

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