The Bank of England Holds Interest Rates at 5.25%

The Bank of England Holds Interest Rates at 5.25%

Today, the Bank of England has again announced that interest rates are to be held at 5.25%.

This is the second such decision to hold interest rates at 5.25%, after a long period of rate rises since the end of 2021. These previous rate rises have pushed up the cost of lending money, and consequently the cost of holding a mortgage.

The reason behind these increases was the Bank of England seeking to control inflation levels, and the latest data is indicating that this is starting to work – standing at 6.3% being the latest figure for November, according to the Office of National Statistics.¹

What does this mean for my mortgage?

A period of further stability ahead can be a good thing – the fact that rates are being held will be of comfort to those on variable-rate mortgages or on the Standard Variable Rate (SVR) where the monthly repayments closely follow the Bank of England base rate.

Today’s announcement may also be good news if your fixed-rate mortgage period is coming to an end soon, or you are considering purchasing a new home, with the mortgage market likely to be less volatile than if rates were suddenly increasing.

Let us see how we can help

We are here to provide you with the advice and guidance you need, and help with any queries you may have. There’s an overwhelming amount of information online, and some of it can be conflicting or confusing, so this is where we are here to help you.

We would recommend that you contact us to let us look at your individual circumstances and provide bespoke information to allow you to make educated decisions.

Contact us for a Review

Mortgage rates could be better than you think.

Despite the doom and gloom from the national headlines of prices going up and the rising cost of living, in the mortgage world, things are starting to change, with some encouraging announcements recently that certain lenders are announcing fixed-rate mortgage products at lower rates than seen earlier in the year.²

If you’ve been thinking of moving home, or if you have a remortgage coming up and you’ve been dreading what the potential costs could be, let us see how we can help. We have the ability to search across the market and can access deals that aren’t found on the High Street giving us the opportunity to find the most suitable deals based on your unique circumstances & financial situations.

You might be surprised at what we can find – so please don’t be put off by what you read online and book an appointment with us.

Please note, your home may be repossessed if you do not keep up repayments on your mortgage.

All the information in this article is correct as of the publish date 2^nd November 2023. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

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