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Lenders react to possible base rate cut
All eyes were on the Bank of England this week, following widespread speculation of an impending cut in the Base Rate - the first since March 2009.
The Monetary Policy Committee has however voted 8-1 to leave rates unchanged, opting to wait until August’s inflation report before taking any action.
A number of lenders, including Halifax and Santander, have already withdrawn or increased their tracker rates over the last few days. In some cases the increases have been nearly 0.50%.
This certainly suggests that lenders believe the Bank of England is preparing to cut Base Rate very soon, and are looking to protect their margins.
A drop in base rate will of course benefit homeowners who already have tracker mortgages, and would immediately see a drop in their monthly payments.
Guild Mortgage Service, Provided by London & Country Mortgages
Chepstow | 01291 626262
Usk | 01291 672212
Ross-on-Wye | 01989 768484
Monmouth | 01600 713030
Newport | 01633 449884
Forest of Dean | 01594 715888
Associated Park Lane Office
0203 368 8745
We are fortunate to sell and let a huge variety of property in one of the most beautiful regions of Britain. Set within glorious unspoilt countryside straddling the English Welsh borders are picturesque villages.