The Bank of England has made an emergency 0.50% cut to interest rates.
Mortgage rates are already incredibly low, so if you're looking for a deal and you qualify for one, don't wait!
What's changed?
In an emergency response, The Bank of England has cut interest rates to assist the economy during the coronavirus outbreak.
They believe it will help households manage through an economic shock predicted, which may prove "Large and sharp, but should be temporary..."
What does this mean for you?
Some mortgages will get cheaper. Homes with tracker mortgages, whose rates 'track' the base rate, should see their rates drop. However, fixes won't change and with others it's not clear-cut.
As the name suggests, these 'track' the base rate, so mortgage costs should drop by an average £35-40/mth on a typical £150k mortgage.
Bank of England cut rates ready for 'sharp and large' impact of coronavirus
The Bank of England has cut UK interest rates from 0.75% to 0.25% in an emergency move to bolster the economy amid the coronavirus outbreak and hours before ...
Mortgage lenders were expected to react quickly to the central bank decision by cutting the costs of monthly mortgage bills. Bank loans were also expected to follow the same downward path, although overdraft and credit card lending rates are expected to remain the same unfortunately.
HSBC became the latest high street bank to announce support measures on Wednesday when it said it would allow UK families and companies to defer payments on mortgages and business loans if required.
Take a look at all the major providers in the article below, to see what they're doing in response to the base rate cut:
Bank of England slashes interest rates to combat coronavirus 'shock' – what it means for you
The Bank of England has cut the base rate from 0.75% to 0.25% in a emergency response to the 'economic shock' of the coronavirus outbreak
Now is the perfect time for moving house with cheap tracker mortgages, save money today!
Simply contact us today to discuss your moving requirements, whether you have many belongings or just a few, we have assisted many people across the three counties for over 30 years pack and relocate home, understanding every individual's circumstances.
- Britannia Bennetts -
Plan to make a smart 2020 move with low mortgage rates
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