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Lower mortgages for homeowners as Bank of England cuts interest rates


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Good news for homeowners but inflation is set to rise and economic growth is slower

The Bank of England's decision to maintain the base rate at 5.25 percent has led to a decrease in mortgage rates, offering relief to homeowners. This stability in the base rate, coupled with a drop in inflation to 4.6 percent, has prompted major lenders like Halifax, HSBC, and Nationwide to reduce their mortgage rates. For instance, Halifax cut rates by up to 0.46 percentage points, HSBC by up to 0.35 percentage points, and Nationwide by up to 0.31 percentage points. These reductions are expected to ease the financial burden on homeowners, with experts suggesting that if inflation continues to fall, further rate cuts could follow, potentially bringing mortgage rates down to around four percent by the end of 2024.

Read the Full Daily Express Article at:
[ https://www.express.co.uk/news/politics/2052501/lower-mortgages-homeowners-bank-england ]