The Bank of England cut the main interest rate from 0.75% to 0.25% today, taking borrowing costs back down to the lowest level in history.
But what does this ‘breaking news’ mean for you?!
Let’s take a look…
The cut will drive down the cost of borrowing for millions of households, potentially reducing the cost of lending by a staggering two thirds.
This is fantastic news for homeowners and homebuyers alike but to make the most of this opportunity you’ll need to act fast and take advantage of record-low rates.
We think this recent rate drop could be temporary, so it’s advisable to put plans into motion now if you are aiming to take out a mortgage or remortgage.
Head of Edward Mellor financial services, Stephen Ridgway commented:
“For people looking for a new mortgage or reviewing their existing mortgage, this could now be an opportune time to do so.”
“In an already competitive market, the Base Rate cut will inevitably have an impact on mortgage rates.”
Holding off on taking out a mortgage or reviewing your current one could become an expensive decision, so don’t wait.
Book a free, friendly appointment with one of our mortgage advisors today and save hundreds on your monthly mortgage repayments.
We compare the latest rates of over 50 lenders offering over 2,000 products to get the best deal for you.
We can take appointments over the phone or face-to-face, depending on your preferences.
Call our team of mortgage experts today on 0161 443 4830 and book your FREE consultation!
Or click here to book your appointment online.
* Your home/ property may be repossessed if you do not keep up repayments on your mortgage.