The Bank of England’s interest freeze will affect first time buyers as well as mortgage holders. Interest rates have dropped to a record low of .25% and this is important info for buyers. This is good news for some people because they will be able to afford their monthly payments. But, for people with fixed rate mortgages, it is a different thing.
- New buyers and homeowners will be wondering what the future holds now that the Bank of England has voted to freeze the base rate at 0.25%
- Unfortunately, it’s a different game for those on fixed rate mortgages as these are set in stone. Nevertheless, that’s not to mean you should settle for eye-watering repayments for months to come.
- The building society has reduced the rate on its three-year discounted variable mortgage, which is now priced at 2.88% (1.86% discount).
“At present, it is estimated that around 1.5 million homes are on tracker mortgages – which fluctuate on the Bank of England’s base rate. It’s good news for these customers, as rates will remain low, and they’ll be more able to afford their monthly payments.”