Mortgage news
Mortgage interest rates hit all-time low - What the rate cut means to you!
Dale Mortgage Brokers comments on the Bank of England's decision to decrease the base rate to 1.5%.
"The recent cut in interest rates to 1.5% by the Bank of England is the lowest level in 315 years. This half percentage point reduction brings interest rates below 2% for the first time since the Bank of England was founded in 1694.
This is now the fourth reduction by the Bank from October's 5% level.
What the rate cut means to you?
Whilst falling rates will mean some savers lose out, borrowers on tracker deals may reap the benefits.
For those borrowers on fixed rate deals paying circa 5%+ they could find that they are better off financially by paying any early repayment charge to end their current mortgage and move lender for a better rate and cheaper monthly payments.
For borrowers on their lender's Standard Variable Rate the recent cut may encourage them to move to a tracker deal where again they may benefit from a better rate and cheaper monthly payments.
It is important to remember that whilst rates can come down they can also rise, so anyone wanting to see how this recent rate cut affects them should seek mortgage advice from an independent broker. Dale Mortgage Brokers has access to the entire mortgage market and is well placed to scrutinise the choice available on the customer's behalf to make a recommendation based their circumstances.
Public perception seems to be that lenders don't have funds but brokers still have access to thousands of products including exclusive deals, many of which are not available directly from lenders. Despite current market conditions, houses are still being bought and sold and mortgages are still being sourced and arranged for purchasers and for those who need to remortgage."
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