In a bid to keep the economy stable during the wake of Coronavirus, in March 2020 the Bank of England announced an emergency cut in interest rates from 0.75% to 0.25% and again from 0.25% to 0.1%. While bad news for savers, it's great news for borrowers, as lenders use the Bank of England base rate as a reference point for many mortgages.
What does this mean for your mortgage?
Tracker - If your product is tracking the Bank of England base rate this is great news for you and you will soon see your monthly repayment cost reduce
Variable - Your rate is likely to reduce, but not guaranteed
Fixed Rate - Your monthly mortgage payment is set and will not move until you exit this product
Mortgage providers will be adjusting their product rates in line with this change, so now is a great time to find the perfect mortgage for you. Call us on 01344 753171 or visit your local branch to book an appointment.
Face-to-face mortgage advice to suit your needs
Buying and selling property is exciting, but we know how important it is to have your finances organised and prepared in advance, so that you can secure the home of your dreams with minimal complications.
Our board of experienced financial advisors are available to guide you through the entire mortgage process – whether you’re arranging a new loan, consolidating your existing finances or hoping to re-mortgage. With over 30 years of experience in the property market, we are proficient in finding our clients the very best mortgage deals, comparing over 12,000 products from 100+ of the UK’s most reputable lenders. We’ll even do the paperwork for you!
Contact us today to arrange your mortgage appointment by calling 01344 753171.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
There will 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 0.3% of the amount borrowed.
You may have to pay an early repayment charge to your existing lender if you remortgage.
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