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Lenders react to possible base rate cut
All eyes were on the Bank of England this week, following widespread speculation of an impending cut in the Base Rate - the first since March 2009.
The Monetary Policy Committee has however voted 8-1 to leave rates unchanged, opting to wait until August’s inflation report before taking any action.
A number of lenders, including Halifax and Santander, have already withdrawn or increased their tracker rates over the last few days. In some cases the increases have been nearly 0.50%.
This certainly suggests that lenders believe the Bank of England is preparing to cut Base Rate very soon, and are looking to protect their margins.
A drop in base rate will of course benefit homeowners who already have tracker mortgages, and would immediately see a drop in their monthly payments.
Guild Mortgage Service, Provided by London & Country Mortgages
Archdeacon House
Northgate Street
Ipswich
IP1 3BX
01473 927 365
28 Church Street
Woodbridge
Suffolk
IP12 1DH
01394 388 488
5 & 6 Crescent Stables
Upper Richmond Road
Putney
London
SW15 2TN
020 4524 9345
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Low Road
Debenham
Suffolk
IP14 6BS
01449 723 500
Established in 2020, Halls + Halls offers 40 years’ of expertise in the real estate industry. Our team provides an easy to understand, non-negotiable fixed fee product to sell property.