The Bank of England has announced that they have voted to freeze base rates at 5.25% for the second time, giving a suggestion that it may have peaked. This is good news for borrowers and lenders alike and gives hope that we have seen the last of the steep rate rises of recent months. The news will be most welcome by existing mortgage customers who’s fixed term rate is soon up for renewal as well as for new buyers looking to get on (or back on) the property ladder.
Whilst this second freeze is very welcome, it doesn’t indicate that the rate will drop anytime soon and with it still being at a record high affordability will continue to be the main hurdle for borrowers across England. Lenders are still being very strict with their criteria for both new customers and remortgages but if your fixed term is coming to an end soon or you are considering taking a step on the property ladder get in touch with us to see how we can help you.
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Or call into our Halifax town centre office for a no obligation chat.