Those looking for a new mortgage were given some relief on 1 August when the Bank of England cut interest rates. The central bank’s Monetary Policy Committee voted to reduce bank rates by 0.25 percentage points to 5 per cent, the first time the rate has been cut since March 2020.
While many analysts are warning that the era of lower interest rates is over with higher rates now likely to be the norm, we have seen the first sub-4 per cent mortgages being released to borrowers in July.
If you have a current mortgage coming to an end, or need a new product deal, please review your options as soon as possible. Mortgage lenders are still allowing borrowers to secure rates up to four months in advance of their current deal ending.
Please get in touch with our colleagues at Charterhouse Mortgages & Protection* to help you to find the best new deal.
*Charterhouse Mortgages & Protection is a trading style of Medical Family Finance.
