The Bank of England made another shock bank rate cut on Thursday, taking interest rates to just 0.1%. Right now, interest rates are officially at their lowest level in history.
The Monetary Policy Committee at a special meeting on 19 March voted to cut Bank rate to 0.1% and increase its holdings of UK government and corporate bonds by £200 billion. https://t.co/rbpUGU0blr
— Bank of England (@bankofengland) March 19, 2020
This is just over a week after they reduced the base rate from 0.75% back down to 0.25%, which was previously the lowest level on record.
This means that as of now, the cost of borrowing has NEVER been SO CHEAP.
Because the interest rate will drive down the cost of borrowing for millions of homeowners and homebuyers, just like you.
If you currently have a mortgage, you could easily cut your monthly outgoings by simply remortgaging to a better deal.
When the base rate dropped last week, you could have reduced your monthly repayments by two thirds just by switching to a better rate.
Now, you could reduce your repayments by a further 60%.
If you’re searching for a new home, you can now borrow more FOR LESS.
Although this is amazing news for homeowners and homebuyers alike, we don’t know how long the base rate will remain at 0.1%.
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.”
If you’re thinking about taking out a mortgage or remortgaging, you need to act now.
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 can take appointments over the phone, via video conference or face-to-face, depending on your preferences.
Our experts compare the latest rates of over 50 lenders offering over 2,000 products to get the best deal for you.
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* Your home/ property may be repossessed if you do not keep up repayments on your mortgage.