by Jonathan Harris
•
21 Mar, 2024
The Bank of England has held base rate at 5.25 per cent for the fifth consecutive meeting. The decision was widely expected as it looks as though efforts to bring inflation under control are working, with expectations growing that a base rate cut will come in the next few months. The Monetary Policy Committee voted by a majority of eight to one to maintain Bank Rate at 5.25 per cent, with one member voting for a reduction in rates to 5 per cent. Swap rates have fallen in the past few days on the back of lower inflation figures and if this trend continues, we could see lenders reduce their mortgage pricing. Even if this is the case, mortgage rates will still be higher than the rock-bottom deals borrowers have grown used to. Those remortgaging this year will be moving onto higher rates although they will be lower than would have been the case a few months ago. Whether you are remortgaging or moving house this year, it’s important to plan ahead and speak to a whole-of-market broker about the mortgage options available to you. Nobody has a crystal ball and can safely predict what will happen with rates but a rate can be secured several months before needed, giving peace of mind, and borrowers can move onto a lower-priced product when they take out the mortgage should rates have fallen by then. Get in touch for more information.