What does the Bank of England base rate cut mean for you?

The Bank of England recently made its first base rate cut since March 2020, bringing it down to 5%. If you’re currently on a fixed-rate mortgage, your existing monthly payments will not change; however, this change might influence the rates available when it comes time for you to remortgage. For those with a mortgage that tracks the Bank of England’s base rate, this 0.25% cut means that you will likely see a decrease in your monthly repayments, which may provide some financial relief.

Do you have questions about how this adjustment may affect your specific situation? Our dedicated team is here to assist you — feel free to reach out anytime on 01962 866 644.