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21 March: Bank Rate Hold May Prompt Lenders To Trim Charges
Mortgage interest rate cuts by the summer are looking increasingly likely, according to brokers and lenders, which would come as welcome relief to beleaguered borrowers.
The Bank of England held the Bank Rate at 5.25% today, in a widely expected move. But the vote among the Monetary Policy Committee (which decides on the rate) was split, with 8 out of 9 committee members voting to maintain the Bank Rate, and one member voting for a cut of 0.25 percentage points to 5%.
Nick Mendes at broker John Charcol says that, while a reduction to the Bank Rate may not be on the cards until at least June, the direction of travel for rates now looks more certain: “Markets have reacted positively following this week’s lower inflation figure, and NatWest was quick to cut its five-year fixed rate deals (see story below).
“I expect similar