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In line with market expectations, the Bank of England has announced today that it will keep the base rate on hold at 4.25%.
The decision reflects growing concern about external global pressures, including ongoing US trade tensions and rising oil prices due to unrest in the Middle East.
It was a closely split decision — six out of nine members of the Monetary Policy Committee voted to maintain the current rate, while three supported an immediate cut.
What This Means for Borrowers
For those hoping for lower mortgage rates, today’s announcement may come as a disappointment. Many industry experts had hoped for a further cut to help ease affordability pressures for homeowners and first-time buyers.
Mortgage repayments have risen significantly since 2020, up by around 30% making it more difficult for many to get onto the property ladder.
However, it’s not all bad news. Economists still expect further rate reductions later this year, and lenders are continuing to show signs of flexibility in how they support borrowers, particularly those buying for the first time or dealing with complex financial circumstances.
Book a Call with Our Team
Our brokers are here to guide you through your options and secure the best product available. We also offer our Flexi-Lock service, giving you the ability to lock in a rate today while keeping your options open if better deals emerge before completion.
Contact us today to discuss how we can assist you on 0208 364 3444 or click here to schedule a free consultation call.