Today The Bank held its base rate (Bank Rate) at 4.0%
Mortgage rates stay roughly the same (for now), because the base rate hasn’t changed, mortgage interest rates won’t drop yet.
Commenting on the Bank of England’s base rate decision, Colin Bell, Founder and COO of Perenna, said: “The average base rate since the turn of the millennium is 3.56%. Go back further and the average only creeps up higher. The reality is that the Bank of England’s base rate is, in historical terms, normal. Rock bottom interest rates were an abnormality in the market.
“This is particularly an issue for those on shorter term fixed rates, for whom the monthly costs can feel challenging but who will still have to remortgage sooner rather than later. The reality is it will likely be a long time before rates drop to the levels seen in the 2010’s, if ever, so they’re better off adjusting to the new status quo and finding ways to give themselves some longer term financial security by opting for long term fixed rate mortgages that give them stable monthly mortgage cost.
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
