Several lenders have cut their rates following the decision to hold interest rates at 5.25 per cent
This week, Barclays is cutting rates on three of its fixed-rate mortgage deals, spelling brighter news for some borrowers.
On 20 June, the Bank of England’s Monetary Policy Committee , led by Andrew Bailey, voted 7-2 to keep interest rates on hold. The MPC’s next interest rates vote is in August, with many analysts anticipating a reduction in the base rate amid falling inflation., Rachel Springall, a finance expert at Moneyfacts, said: “It’s good to see some lenders reducing their fixed-mortgage pricing, so it’s worthwhile for borrowers to review the latest deals out there so they don’t miss out.
He added: “However, it is still open to discussion whether we will see an August cut and the mantra of ‘higher for longer’ has meant fixed-rate mortgage pricing is currently higher than many forecast earlier in the year. Borrowers can’t take anything for granted, and if they see a rate they like the look of, they would be wise to secure it.”“Borrowers will likely wish to see more lenders step up to slash fixed rates, but it might be too soon to see a flood of rate cuts.
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