Today, the bank rate speculation comes to an end as the Monetary Policy Committee (MPC) voted in favour of holding the rate as it is at 0.5%, with a majority vote of 8-1 to maintain the bank rate, and just one member voting for a cut to 0.25%.
What is the Bank Rate?
The bank rate is set by the Bank of England (BoE) and determines the price that banks and building societies buy and sell their money at.
Rates have been at a historic low, remaining at 0.5% for the past seven years, and with today’s announcement, we seem to have adopted a ‘wait and see’ approach for now.
So despite any fears felt towards us leaving the EU, the reality is that for people looking to get a mortgage or remortgage not a lot has changed - the bank rate remaining the same is a good indicator that banks and building societies are still offering some great mortgage deals, meaning people can continue to borrow and take advantage of low interest rates.
Mortgage Advice Bureau
With the bank rate staying the same, and an indication that things are starting to settle a little, now could be a good time to review your finances and speak to a professional mortgage adviser. There are currently lots of deals available and by speaking to a mortgage adviser who can understand your individual situation, you can get the right deal to suit you and your circumstances.
We have over 850 advisers across the UK so can provide advice face to face, over the phone or by email - whichever suits you best. Plus we have access to over 11,000 products from 90+ lenders so get in touch today to find out how we can help you.