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Bank Rate Decreases to 0.25%

With a unanimous vote across the board, The Monetary Policy Committee (MPC) has announced that the bank rate will decrease to 0.25%. Following economic uncertainty since the EU referendum results, this is quite a momentous decision considering the rate has stayed the same, at 0.50%, since

Although the decision will have little impact on new borrowers, if you’re an existing borrower then you’re probably wondering what this means for you, and what your options are now. 

What does this mean for me?

Fixed rate

Typically, you won’t be affected by the bank rate change, as your mortgage is set at a fixed rate. However you can remortgage, but check with your lender first as depending on how near to the end of the mortgage term you are, will depend on how large the early repayment charge will be.   

Lender’s standard variable rate

Standard variable rates are set internally by the individual lender. The lender is not obliged to pass on the reduced bank rate, so it’s recommended to speak to your own lender or get in touch with a mortgage adviser who can offer expert advice for your personal circumstances. 

Tracker mortgage

Some lenders adopt a ‘cap and collar’ approach whereby regardless of fluctuations in the market, the interest rate on your mortgage will not rise or fall below a certain amount. 

Check the terms and conditions of your tracker mortgage to see how the bank rate could affect you, as this will largely depend on what your mortgage actually tracks, such as Libor, or the BoE bank rate.  

For those with a tracker mortgage linked directly to the BoE bank rate, for every £50,000 of borrowing on a 20 year term mortgage, the interest rate change would reduce their payment by £6 per month.* 

Protection policies

When it comes to your finances, you need to be prepared for all eventualities, so it’s important to take out protection policies. None of us know what is round the corner, just like many of you may not have seen the Brexit results coming, so making sure you can meet your mortgage repayments every month is a wise move to take for peace of mind and financial security for you and your family. 

Mortgage Advice Bureau 

Regardless of your situation, if you have any questions or concerns over your mortgage, then our experienced advisers are here to help.  

At Mortgage Advice Bureau, we have access to over 11,000 products from 90 different lenders, so we’re extremely well-placed to help you find the right mortgage for you. 

We offer support and advice to our customers throughout the whole application process, so please get in touch with us today to arrange an appointment, either face to face or over the phone. 



by Neil Emmerson
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