UK Mortgage & Property Related News
Whilst affordability remains the biggest stumbling block for those wishing to get onto the property ladder, interest rates have reduced and there are plenty of mortgage options available for first time buyers, according to financial service Defaqto.
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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.
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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.
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Interest rates are “now gradually on the path down”, the Bank of England governor has said after borrowing costs were held at 5%.
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