By Mark Dickety on

Blog

BANK OF ENGLAND LOWERS BASE RATE

After two years of nearly continuous interest rate increases by the Bank of England, followed by an additional year of persistently high rates that have placed considerable strain on many households and businesses, we are witnessing a significant development: rates have finally been cut.

This marks a pivotal moment for the UK economy. Interest rates serve as the Bank’s primary instrument for managing inflation. Elevated rates discourage borrowing and promote saving, resulting in reduced spending within the economy and causing retailers to be more cautious in setting prices.

The decision to lower interest rates is expected to gradually alleviate some of this economic strain. In fact, we are already beginning to see some relief: mortgage providers, anticipating further reductions in Bank of England rates, have started to lower fixed-rate mortgage offerings. As a result, those with base rate tracker mortgages will benefit from an immediate decrease in their costs.

At Mortgage Decisions, we offer access to thousands of mortgage products from over 90 high street lenders. To understand how this extensive range can impact your mortgage options, we invite you to speak with one of our knowledgeable Mortgage & Protection Advisers at 03454 500200.

Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1% but a typical fee is £595.

Mark Dickety
Mark is an experienced Mortgage and Protection Adviser who has been providing mortgage advice since 2010. He thrives on finding the right solution for each of his clients' requirements ensuring they have the best experience possible.
Back to blog

Related Blogs

How does your credit score affect your ability to get a mortgage?

When it comes to getting a mortgage, few financial factors are as influential as your credit score. How much of an effect does it actually have? Mortgage lenders rely heavily...
A couple painting their bedroom

Is it time for first-time buyers to take advantage of a perfect storm?

In early January 2022, the Yorkshire Building Society announced that, according to its analysis, the number of first-time buyers had hit a 20-year high. Over 408,000 first-time buyer transactions were...

The best mortgage advisors in our opinion. I was kept up in the loop from day one. Extremely friendly and professional service. Thank you once again.

  • 5 star review on TrustPilotPawel W

Kevin and Beccy provided a wonderful service and I highly recommend utilizing them for your mortgage needs. They worked diligently for us especially as we were international buyers. 5 stars!

  • 5 star review on TrustPilotMyles T

Toby was absolutely a knight in shining armour. Every step of the way he explained everything, he understood my situation and it felt like he was holding my hand through some turbulent times. I can't thank him enough.

  • 5 star review on TrustPilotSarah J

Jack and Russell were absolutely amazing and helped me secure my first mortgage with no problems at all. As a first time and solo buyer it is all very daunting but they explained everything to me and I could trust that I was in good hands regarding the securing of my mortgage offer. Their communication was brilliant as I usually had a response to any questions within a day and my mortgage offer came through so fast. Thank you!

  • 5 star review on TrustPilotChelsea W

This is my first experience with getting a mortgage, but Rob explained everything clearly, answering all my questions, and helped me get the best mortgage for me. Louis also helped by keeping me updated with the progress of the application and chasing the lender on my behalf. Overall, a positive experience.

  • 5 star review on TrustPilotMegan