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Bank Of England Base Rate

The Bank of England held the base rate at 0.75% which came as no surprise to brokers and lenders alike.

 

The Bank’s  Monetary Policy Committee voted 9-0 in favour of doing so. This follows last month’s rise of 0.25% which took the rate to its highest level since March 2009.

Kevin Roberts, director, Legal & General Mortgage Club, said: “With a rise in the base rate last month, it’s hardly surprising that the Bank of England has decided keep rates at their current level this month.

“This will be welcomed by borrowers, who continue to benefit from near-record low rates and a mortgage market that is delivering a growing number of innovative solutions for customers.

 

“However, the low-interest rate era won’t last forever and customers coming to the end of their mortgage term would be prudent to consider locking into a new fixed rate now, to take advantage of some of the great deals that remain on the market.

 

“Speaking to an adviser can be an excellent place to start, providing extensive product choice and the professional advice to help borrowers find a mortgage that suits their needs.”

 

 


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