Bank of England cuts base rate to 5%

For the first time in 4 years, The Bank of England has cut the base rate from 5.25% to 5%. This is great news for people looking to get on to property market or looking to remortgage.

The Monetary Policy Committee members voted to decrease the base rate by 0.25% however it was an extremely close decision with 5 against 4.

Click here to view the full Monetary Policy Summary from the 1st August meeting.

What does this mean for mortgage rates?
We have already received an enormous amount of emails from lenders advising us that they are reducing their interest rates! This is amazing news for home owners and first time buyers as many people have been 'holding out' for a rate cut. There is no guarantee that rates will continue to cut, we could in fact see rates increase again if inflation starts to creep up. So the perfect time to secure a mortgage and take advantage of a lower rate is now!

For more information about the best mortgage rates currently available, contact us on 02921 672480 or email: info@grosvenormay.co.uk.