It may be time to jump on the rate drop band wagon!
We all like to think of what we could do with a little extra money…. An extra date night per month, save for the trip of a life time, buy new shoes or even top up your pension.
Recently, there has been a lot of commentary around the Bank of England(BOE) decreasing the Base Rate. This has been at 0.50% for more than 7 years and with the cut in August down to 0.25%, it means it is once again one of the lowest rates in history. This will naturally effect mortgages which track the base rate, however this may not be the case for other mortgage types.
As part of the announcement, the BOE also announced the Term Funding Scheme which has mechanisms in place which will encourage the banks to pass on the cheaper rates!
This has been welcome news and it is already having a big impact. My emails are full with providers telling me that they are slashing fixed rates and passing on rate reductions across the board almost immediately.
For those people who have the old style tracker mortgages that closely tracks Bank of England base rate, you are obviously the biggest winners- having benefitted from much lower mortgage repayments over the last 7 odd years.
For those of you that don’t, it may be time to look at your mortgage and see if you can save money, to spend the way you would really like. It’s not often that we are given an opportunity to choose what we spend our money on, so please don’t miss out!
I would love to help find the best mortgage deal for you. So give Sam a call on 0345 241 1102 to get the ball rolling.
Your home may be repossessed if you do not keep up repayments on your mortgage
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