Earlier this week the Bank of England announced that they will be holding the interest rates at 5.25%. Voted for by the Monetary Policy Committee.
As we head towards 2024 it is thought that the next move in interest rates may go down, so some mortgage companies have already lowered their rates on fixed deals. It is important to find out what this means for you with your mortgage provider.
“This will be welcome news to homebuyers who have already felt the impact of mortgage rates rising higher over the summer and remaining well over 5%. This has led to demand for homes falling by 25% since the spring as buyers wait to see whether mortgage rates start to fall.” – Richard Donnell, Executive Director of Research at Zoopla.
Could this be the time for first time buyers?