The Bank of England has reduced interest rates to 5%

Marking the first decrease since March 2020. This move comes after a series of rate hikes that brought borrowing costs to their highest level since the 2008 financial crisis, as a response to soaring inflation.

This decision is particularly beneficial for homebuyers and those looking to refinance their mortgages, as it makes borrowing more affordable. The announcement is expected to spur more market activity in the coming weeks and months. With a broader range of cost-effective options now available, mortgage advisers will be essential in helping borrowers navigate the market and secure the best deals for a stable financial future.

For those seeking mortgage advice, we recommend Ignite Financial Services, a fee-free mortgage broker. They offer access to thousands of products and handle all the research and paperwork at no cost. They are available Monday to Saturday from 9am to 7pm. You can reach them at 01372 940152 or info@ignitefs.co.uk.