Following the news of the Bank of England 0.5% cut to the base rate, taking it to 0.25%, we would like to provide some clarity about how this will affect your mortgage.
Tracker Rates will benefit with a reduction in monthly payments, check your mortgage illustration to find out when this may take effect. Variable rates may reduce but this will be subject to individual lenders. Fixed rates however will experience no change within your fixed period.
It is too early to say whether lenders will be making changes to future rates but if you are in the process of buying a house or applying for a mortgage, we are advising to continue as normal and your mortgage adviser will update you with any rate changes if they are applicable to you.