The Bank of England have announced today that they have cut the base interest rate from 4.75% to 4.5%, which is the lowest it has been at in 18 months.
With the base rate reducing, what does this mean for mortgage rates? Well, according to ThisMoney.co.uk, this will be “music to mortgage borrowers’ ears” due to falling interest rates tending to induce lower mortgage rates.
Borrowers on tracker mortgages will see immediate benefits to their rates, whilst those coming to the end of their fixed rate mortgages should look to lock in a new deal as soon as possible, making moving home that much more desirable.
What’s more? For those who are not currently on the property ladder, whether that is first-time-buyers or prospective buyers who have moved into rental property while they await mortgage rate reductions, now could be the perfect time for you to step onto that property ladder!
Not only could you get yourself a lower mortgage rate, therefore reducing your monthly payments, but with our various buying schemes at Shropshire Homes, you could get yourself an incredible deal on your brand-new home.
We also have an array of homes that will be ready to move into before the Stamp Duty changes take affect on 31st March, potentially saving you £££s!
Unsure where to start? Get in touch with our sales executive on the development you’re interested in and get FREE advice from our expert mortgage advisors. Visit: https://www.shropshire-homes.com/developments
Sources:
https://www.moneysavingexpert.com/news/2025/02/base-rate-cut/