Interest Rates

For the second time in 2024, the Bank of England has reduced the base rate, lowering it from 5.00% to 4.75%. While not a unanimous decision, the reduction reflects the central bank’s ongoing efforts to ease financial pressures.

However, Bank of England Governor Andrew Bailey has indicated that while additional cuts may be on the horizon, a further rate reduction in December is now less likely following recent budget announcements. Instead, gradual rate reductions are expected to extend into 2025.

What Does This Mean for Your Mortgage Payments…..

The Bank of England have voted 8-1 to keep interest rates at 5.00%. One member voted for a rate cut to 4.75%.

Finally…the Bank of England voted in favour of reducing base rate to 5.00% – marking the first time rates have been cut since the global pandemic in 2020.

This will be a welcomed relief for homeowners on variable rates, but bad news for savers.

What does this mean for mortgage holders?

Finally…the Bank of England voted in favour of reducing base rate to 5.00% – marking the first time rates have been cut since the global pandemic in 2020.

This will be a welcomed relief for homeowners on variable rates, but bad news for savers.

What does this mean for mortgage holders?

The Bank of England have voted 6-3 to hold interest rates at 5.25% for a second month in a row. This marks a contrast to the 5-4 vote back in September, where the central bank was narrowly in favour of keeping rates unchanged.

After 14 consecutive base rate rises, the Bank of England have left interest rates unchanged at 5.25% for the first time since November 2021.

The decision by the Bank of England to leave interest rates unchanged represents a significant development in the country’s monetary policy. In this article, we provide our analysis of the situation