US EditionUK lenders expected to make further mortgage rate cuts next week
- Mortgage rates are expected to decrease as a result of the Bank of England's decision to keep its key interest rate unchanged. Brokers anticipate increased competition among lenders in the coming weeks, potentially leading to lower fixed mortgage rates. Additionally, borrowers have a better chance of securing mortgage rates below 5% when they renew.
- The UK's largest building society, Nationwide, has already reduced rates by up to 0.31 percentage points, and other lenders have also lowered the cost of their fixed rate mortgages. This trend is expected to continue as lenders take advantage of the Bank rate freeze.
- A key factor for mortgage affordability is the possibility of a future interest rate cut. Experts suggest that a cut in interest rates would significantly improve mortgage affordability.
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UK lenders expected to make further mortgage rate cuts next week
Mounting optimism that home-loan costs have peaked after Bank of England keeps interest rates on holdUK lenders are expected to launch another round of mortgage rate cuts next week amid optimism home-loan costs have peaked after the Bank of England’s decision to keep interest rates on hold.So far Nationwide is the only big lender to reduce mortgage rates since the Bank announcement on Thursday. NatWest went earlier in the week after official dat…
·London, United Kingdom
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