We have seen multiple lenders dropping their interest rates by around 1% this is massive and exciting. This is due to more promising forecasts and a drop to inflation.
In regards to base rate, research firm Capital Economics expects the Bank of England to lower the base interest rate to 3% by the end of 2025. Projections from Berenberg Bank anticipate that rates will fall to 4% by the end of next year 2024.
What does this mean for Landlords and buyers? Lower monthly payments if you need a mortgage than what it has been for a while and if your selling it should mean more buyers in the market.
If you are buying with a mortgage or currently have one and your deal is coming to an end. We highly recommend our professional Mortgage Broker in Melton Mowbray who will go through your options and make sure you have the best deal for you.
James is available to meet with you face to face or offer a telephone consultation at a time to suit you.
James Mould
Mortgage and Protection Advisor
T: 01623 392441
M: 07756922005
