The number of mortgage approvals made to home buyers jumped to a two-year high in August, according to Bank of England figures.
Read MoreMortgage approvals for house purchase jump to two-year high in August
Tag: bank of england
Lenders cut mortgage costs despite Bank decision to freeze base rate
Mortgage lenders are cutting rates despite the Bank of England decision yesterday to hold the base interest rate at 5%.
The Bank’s Monetary Policy Committee voted by a majority of 8–1 to maintain the rate at 5% after making a cut of 0.25% last month.
Read MoreMortgage rates: When will UK interest rates fall again?
The Bank of England has kept interest rates on hold at 5%, but a further cut is expected later in the year.
Interest rates affect the mortgage, credit card and savings rates for millions of people across the UK.
The first drop in rates for more than four years came in August, but borrowing costs remain high.
Read MoreInterest rates held at 5% but ‘on the path down’
Interest rates are “now gradually on the path down”, the Bank of England governor has said after borrowing costs were held at 5%.
Read MoreBase rate held – but with mortgage rates falling, should you fix now or wait?
Fixed-rate mortgage deals have gotten cheaper in recent weeks – and brokers say rates could still come down a bit more, despite the Bank of England’s decision to hold the base rate at 5%. So what, if anything, should you do about it?
Read MoreMortgage borrowing at near two-year high as interest rate falls boost confidence
The number of mortgages approved reached a near two-year high, according to Bank of England figures, as hopes of cheaper borrowing encouraged would-be buyers.
Mortgage approvals increased to 62,000 in July, a level not seen since September 2022, a sign that buyers were waiting for hopes of reduced interest rates and the associated lower mortgage bills.
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